HomeMy Public PortalAbout1995 Comprehensive Annual Financial Report I
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I VILLAGE OF GLENVIEW, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
I FOR THE YEAR ENDED
i DECEMBER 31, 1995
I Prepared by Finance Department
I Douglas R. Ellsworth
Director of Finance
I Mary L. Reibel
Assistant Director of Finance
VILLAGE OF GLENVIEW, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
December 3t, 1995
INTRODUCTORY SECTION PAGE
Principal Officials i
Organization Chart ii
Director of Finance's Letter of Transmittal iii -
Certificate of Achievement for Excellence in Financial Reporting xiii
FINANCIAL SECTION
REPORT OF INDEPENDENT AUDITORS 1 - 2
GENERAL PURPOSE FINANCIAL STATEMENTS
All Fund Types and Account Groups and Discretely Presented
Component Unit
Combined Balance Sheet 3
Ali Governmental and Fiduciary (Expendable Trust) Fund Types
and Discretely Presented Component Unit
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances 4
General, Special Revenue, and Debt Service Fund Types and
Discretely Presented Component Unit
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actuai 5
All Proprietary and Fiduciary (Pension Trust) Fund Types
Combined Statement of Revenues, Expenses, and
Changes in Retained Earnings/Fund Balances 6
All Proprietary Fund Types
Combined Statement of Cash Flows 7
Notes to Financial Statements 8 - 48
VILLAGE OF GLENVIEW, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
December 31, 1995
PAGE
FINANCIAL SECTION (CONT.)
COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES
GOVERNMENTAL FUND TYPES
GENERAL FUND
Corporate Fund
Balance Sheet 49
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual 50
Schedule of Revenues - Budget and Actual 51 - 52
Schedule of Expenditures - Budget and Actual 53 - 66
SPECIAL REVENUE FUNDS
All Funds
Combining Balance Sheet 67
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances 68
Illinois Municipal Retirement Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual 69
Motor Fuel Tax Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual 70
Cable TV Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual 71
Schedule of Expenditures - Budget and Actual 72
VILLAGE OF GLENVIEW, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
December 31, 1995
PAGE
FINANCIAL SECTION (CONT.)
GOVERNMENTAL FUND TYPES (CONT.)
SPECIAL REVENUE FUNDS (CONT.)
Refuse and Recycling Fund
Statement of Revenues, Expenditures, &nd
Changes in Fund Balance - Budget and Actual 73
911 Commuttications Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual 74
GNAS Grant Fund
Administration Department Schedule of
Expenditures - Actual Only 75
GNAS Caretaker Fund
Schedule of Expenditures - Actual Only 76
DEBT SERVICE FUNDS
All Funds
Combining Balance Sheet 77
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances 78
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances - Budget and Actual 79
CAPITAL PROJECTS FUNDS
All Funds
Combining Balance Sheet 80
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances 81
VILLAGE OF GLENVIEW, ILLINOIS I
Comprehensive Annual Financial Report I
Table of Contents
December 31, 1995 I
PAGE I
FINANCIAL SECTION (CONT.)
GOVERNMENTAL FUND TYPES (CONT.) I
PROPRIETARY FUND TYPES
ENTERPRISE FUNDS
All Funds I
Combining Balance Sheet 82
Combining Statement of Revenues, Expenses, and 83 I
Changes in Retained Earnings 84
Combining Schedule of Changes in Contributed Capital
Combining Statement of Cash Flows 85
Waterworks Fund I
Statement of Revenues, Expenses, and 86
Changes in Retained Earnings - Budget and Actual
Schedule of Operating Expenses- Budget and Actual 87-89 I
90
Schedule of Fixed Assets and Depreciation
Wholesale Water Fund I
Statement of Revenues, Expenses, and I
Changes in Retained Earnings - Budget and Actual 91
92
Schedule of Operating Expenses - Budget and Actual 93
Schedule of Fixed Assets and Depreciation I
Sewerage Fund
Statement of Revenues, Expenses, and 90 !
Changes in Retained Earnings - Budget and Actual 95
Schedule of Operating Expenses - Budget and Actual
Schedule of Fixed Assets and Depreciation 96 I
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VILLAGE OF GLENVIEW, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
December 31, 1995
PAGE
FINANCIAL SECTION (CONT.)
TYPES (CONT.)
PROPRIETARY
FUND
ENTERPRISE FUNDS (CONT.)
Commuter Parking Lot Fund
Statement of Revenues, Expenses, and
Changes in Retained Earnings - Budget and Actual 97
Schedule of Operating Expenses - Budget and Actual 98
Schedule of Fixed Assets and Depreciation 99
INTERNAL SERVICE FUNDS
All Funds
Combining Balance Sheet 100
Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings 101
Combining Statement of Cash Flows 102
Municipal Equipment Repair Fund
Statement of Revenues, Expenses, and
Changes in Retained Earnings - Budget and Actual 103
Schedule of Operating Expenses - Budget and Actual 104
Insurance Fund
Statement of Revenues, Expenses, and
Changes in Retained Earnings - Budget and Actual 105
FIDUCIARY FUND TYPES
TRUST AND AGENCY FUNDS
All Funds
Combining Balance Sheet 106
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances Trust
(Expendable
Funds)
107
Combining Statement of Revenues, Expenses, and Changes
in Fund Balances (Pension Trust Funds) 108
VILLAGE OF GLENVIEW, ILLINOIS I
Comprehensive Annual Financial Report I
Table of Contents
December 31, 1995 I
PAGE I
FINANCIAL SECTION (CONT.)
FIDUCIARY FUND TYPES {CONT.) I
TRUST AND AGENCY FUNDS (CONT.) I
Pension Trust Funds
Police Pension Fund I
Statement of Revenues, Expenses, and Changes in
Fund Balance - Budget and Actual 109 I
Firefighters' Pension Fund I
Statement of Revenues, Expenses, and
Changes in Fund Balance - Budget and Actual 110
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~ Funds
Combining Statement of Changes in Assets and Liabilities 111 I
_ACCOUNT GROUPS I
GENERAL FIXED ASSETS ACCOUNT GROUP
Schedule of General Fixed Assets - by Source 112 I
Schedule of General Fixed Assets - by Function and Activity 113
Schedule of Changes in General Fixed Assets - 114
by Function and Activity
GENERAL LONG-TERM DEBT ACCOUNT GROUP I
Schedule of General Long-Term Debt 115
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VILLAGE OF GLENVIEW, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
December 31, 1995
FINANCIAL SECTION (CONT.)
PAGE
COMPONENT UNIT SCHEDULES
Library Fund
Combining Balance Sheet 116
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balance 117
Schedule of Operating Expenditures - Budget and Actual 118
Schedule of General Fixed Assets 119
SUPPLEMENTAL DATA
Required Supplementary Information
Analysis of Funding Progress
Illinois Municipal Retirement Fund 120
Police Pension Fund 121
Firefighters' Pension Fund 122
Revenues by Source
Illinois Retirement Fund 123
Municipal
Revenues by Source and Expenses by Type
Police Pension Fund 124
Pension Fund 125
Firefighters'
Combined Schedule of Cash and Investments 126 - 127
Schedule of Insurance in Force 128
Long-Term Requirements
Debt
Corporate Purpose Bond Series of 1977 129
Bond Series of 1989 130
Corporate
Purpose
Corporate Purpose Bond Series of 1990 131
Corporate Purpose Bond Series of 1991 132
Corporate Purpose Bond Series of 1992 133
Corporate Purpose Bond Series of 1993 134
Corporate Purpose Bond Series of 1994 135
Corporate Purpose Bond Series of 1995 136
General Obligation Bond Anticipation Bond Series of 1995 137
VILLAGE OF GLEN'VIEW, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
December 31, 1995
PAGE
STATISTICAL SECTION
General Governmental Revenues by Source - Last Ten Fiscal Years 138
General Governmental Expenditures by Function - Last Ten
Fiscal Years 139
Property Tax Assessed Valuations, Rates, Extensions, and
Collections - Last Ten Fiscal Years 140
Assessed and Estimated Actual Value of Taxable Property -
Last Ten Fiscal Years 141
Property Tax Rates - Direct and Overlapping Governments -
Last Ten Fiscal Years 142
Ratio of Net General Obligation Bonded Debt to Assessed Value
and Net General Obligation Bonded I)ebt Per Capita ~
Last Ten Fiscal Years 143
Schedule of Legal Debt Margin 144
Ratio of Annual Debt Service Expenditures for General Obligation
Debt to Total General Governmental Expenditures -
Last Ten Fiscal Years 145
Schedule of Revenue Bond Coverage - Last Ten Fiscal Years 146
Demographic Statistics - Last Ten Fiscal Years 147
Construction, Building Permits, and Bank Deposits -
Last Ten Fiscal years 148
Miscellaneous Statistics 149 - 151
Ten Wealthiest l~linois Communities - 1990 Census 152
Major Corporate Fund Revenue Sources 153
VILLAGE OF GLENVIEW, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
December 31, 1995
PAGE
STATISTICAL SECTION (CONT.)
ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15c2-12
Statement of Indebtedness (as of December 31, 1995) 154
Retirement Schedule of Outstanding Village General
Obligation Debt 154
Debt Ratios and Per Capita Debt - Last Ten Bond Sales 155
Detailed Overlapping Bonded Indebtedness Payable from
Property Taxes at December 31, 1995 155
Equalized Assessed Valuation for Taxing Purposes 156
Tax Rates Per $100 Equalized Assessed Valuation 156
Tax Extensions and Collections (Village Purposes Only) 157
1990 and 1994 Tax Base Distribution by Property Classification 157
Ten Largest Taxpayers 157
General Fund
Summary Statement of Revenues, Expenditures and Changes in
Fund Balance (1991-1995) and 1996 Budget 158
Balance Sheets (1991-1995) 158
Combined Statement - All Funds
Fund Balances 1991-1994 and Summary 1995
Revenues, Excess Revenues and Fund Balances 159 - 160
Fixed Assets at December 31, 1995 161
VILLAGE OF GLENVIEW, ILLINOIS
Principal Officials
December 31, 1995
LEGISLATIVE
Village Board of Trustees
Nancy L. Firfer, President
Kent B. Fuller lohn W. Patton, Jr.
Joyce E. Kustra William L. Sfickney
Robert J. McLennan Emil Ulstmp
Paul T. McCarthy
Village Clerk/Treasurer
EXECUTIVE
Paul T. McCarthy, Village Manager
FINANCE DEPARTMI*~NT
Mary L. Reibel, Acting Finance Director
Douglas R. Ellsworth, Finance Director (Effective 5/13/96)
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VILLAGE OF GLENVIEW
ORGANIZATIONAL CHART
1 Village President
6 Truste~
(~ Year Terms) ~
,
I~'''0~- l~~~'~' d~j~ ~~ ~ I~~----:
BOARD OF ~USTEES
P~N COMMISSION
APP~NCE COMMISSION
SENIOR C~IZEN COMMISSION
B~ING COMMISSION
POLICE AND FI~ COMMISSION
POLICE PENSION BOA~
FI~ PENSION BOA~
ZONING BOA~ OF APPE~
E~CT~CAL COMMISSION
· FO~S~Y COMMISSION
(847) 724-1700 extension 214
(847) 724-0916 fax
June 17, 1996
Honorable President and
Members of the Board of Trustees
Citizens of the Village of Glenview
The comprehensive annual financial report of the Village of Glanview for the year ended
December 31, 1995 is submitted herewith. This report represents a comprehensive picture of
the Village's financial activities during 1995 and the financial condition of its various funds at
December 31, 1995. Although formally addressed to the elected officials and citizens of
Glenview, this financial report has numerous other users. Foremost among the other users are
the bondholders of the Village, financial institutions, educational institutions and other
governmental entities.
Responsibility for both the accuracy of the data presented as well as the completeness and
fairness of the presentation, including all disclosures, rests with the Village. We believe the
data, as presented, is accurate in all material respects; that it is presented in a manner designed
to fairly set forth the financial position of the Village and the results of its operations as
measured by the financial activity of its various funds; and that all disclosures necessary to
enable the reader to gain the maximum understanding of the Village's financial affairs have been
included.
The comprehensive annual financial report is presented in three sections: introductory, financial
and statistical. The introductory section includes this transmittal letter, the Village's
orga~iT~tional chart and a list of principal officials. The financial section includes the general
purpose financial statements, and the combining, individual fund and account group financial
statements and schedules, as well as the independent auditor's report on the financial statements
and schedules. The statistical section includes selected financial and demographic information,
generally presented on a multi-year basis, as well as all continuing disclosures required by
Securities Exchange Commission Rule 15c2-12.
1225 Waukegan Road 4. Glenview, Illinois 60025 4, (847) 724-1700 ~ (847) 724-4232 TDD
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I The Reporting Entity and its Services
The Village of Glenview was incorporated in 1899 and operates under the council/manager form
I of government. It is a home l'ale municipality as defined by the Illinois Constitution. Located
approximately 20 miles north of the City of Chicago, in Cook County, the Village occupies a
land area of approximately 13 square miles and has an estimated population of 38,437.
I The Village provides a full range of general governmental services. Specifically, the Village
provides police and fire protection, health services, water and sewer utilities, construction and
I maintenance of streets, code enforcement, planning and zoning, library services, and general
administrative services.
I The financial reporting entity of the Village of Glenview is comprised of all funds and account
groups of the primary government (i.e., the Village of Glenview as legally defined) and its
pension trust funds: the Glenview Police Pension Fund and the Glenview Firefighters' Pension
I Fund. These funds were determined to be pension trust funds due to their fiduciary and fiscal
relationships with the Village as their sole purpose is to provide retirement benefits to the
Village's sworn police officers and firefighters. The Glenview Public Library is included as a
I discrete presentation since it is governed by a separately elected board of trustees. No other
legally separate entity qualifies as a component unit of the Village.
I Economic Condition and Outlook
I of economic health for local Perhaps four of the more
There
are
several
measures
governments.
objective measures or indicators are local employment levels, retail sales activity, family income
i levels and construction activity.
Employment levels in the Village have always surpassed that of Cook County and the State of
Illinois as a whole. As of December 31, 1995 the Village's unemployment rate was 2.9%,
I compared to 5.5% for Cook County and 5.2% for the State of Illinois.
I The Village of Glenview benefitted from an improved economy in 1995. Total retail sales in
the Village for 1995 came to $480 million, an increase of 6% over 1994.
I Median family income figures from the 1990 Census show that the average income of Glenview
residents far exceed county and state averages. According to the Census Bureau, Glenview's
1989 median family income was $67,412, compared to $38,664 for the State and $35,225 for
I the United States. This ranked Glenview as the fifth wealthiest community in the State of
lllinois amongst communities with populations over 25,000.
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For the past few years, the Village has seen nominal new commercial or residential constxuction I
activity, as it had little vacant land available for development. During 1995, there were four
commercial developments constructed, with a total value of $1.9 million. There were 108 new I
residential housing permits issued in 1995, down from the previous year's figure of 219.
Construction activity is expected to increase dramatically over the next several years as the
recently closed Glenview Naval Air Station develops. I
Major Initiatives 1
The major capital improvements project for 1995 was the Glenview Road Improvement Project.
The approximately $3.6 million project included new storm sewers, sanitary sewer repairs, water I
system improvements, street reconstruction and resurfacing, new sidewalks, street lighting, and
other streetscape amenities. The project was intended to improve the aesthetic appearance of I
the Village's downtown area and provide for increased economic activity.
To better handle the workload related to the reuse of the closed Glenview Naval Air Station 1
(GNAS), a new Redevelopment Department was formed in 1995. The Department's overall goal
is to implement the reuse plan. The Village and its consultants intend on maximizing the value
of the GNAS as an asset for the community. The Village has been designated as the sole I
redevelopment authority and will serve as developer for the project.
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1996 will be an active year relative to the Glenview Naval Air Station redevelopment. The
Economic Development Conveyance process with the Navy will be negotiated. The Village will
also start on the various infrastructure improvements needed to make the property marketable, l
with funding coming from the $60 million bond issue sold in 1995. Finally, marketing strategies
and related efforts are expected for 1996. I
Financial Information
Management of the Village is responsible for establishing and maintaining an internal control I
structure designed to ensure that the assets of the Village are protected from loss, theft or I
misuse, and to ensure that adequate accounting data is compiled to allow for the timely
preparation of financial statements in conformity with generally accepted accounting prinelples.
The internal control structure is designed to provide reasonable, but not absolute, assurance that
these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of
a control should not exceed the benefits likely to be derived; and (2) the valuation of the costs I
and benefits requires estimates and judgements by management.
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I Bude~arv Control
The objective of budgetary controls is to ensure compliance with legal provisions embodies in
i the annual budget adopted by the Village's governing body. The budget covers activities of the
general, special revenue, debt service, enterprise, internal service and certain fiduciary funds.
Ail appropriations lapse at year end, but open purchase orders are usually re-budgeted for in the
I subsequent year.
The level of budgetary control, that is, the level at which expenditures cannot exceed the
i budgeted amount, is established at the fund level. The Village maintains an encumbrance
accounting system for the governmental and proprietary funds as one method of accomplishing
budgetary controls. Encumbrances outstanding at year end, if any, are reported as a reservation
I of fund balance since they do not constitute expenditures or liabilities.
General Government Functions
I The following table presents a summary of revenues available for general governmental functions
(the general, special revenue, debt service funds and component unit - Library Fund) for the
year ended December 31, 1995 with comparisons to the previous year.
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Increase Percent
I Percent {Decrease) Increase
Revenues Amount of Total From 1994 (Decrease)
i Property Taxes $ 8,881,936 31.2% $ (117,532) (1.3)%
Other Taxes 11,315,604 39.8 925,473 8.9
Total Taxes 20,197,540 71.0 807,941 4.2
I Licenses and Pcmnits 958,658 3.4 (96,068) (9.1)
Intergovernmental 3,249,178 11.4 (95,698) (2.9)
Charges for Servie.~s 1,828,658 6.4 131,668 7.8
i Fines and Forfeits 273,652 1.0 (28,661) (9.5)
Interest Earnings 884,819 3.1 690,760 355.9
Miw.~llaneous 1,038,819 3.7 (15,629) (1.5)
I Total Revenues $28,431,324 100.0% $1,394,313 5.2 %
I Total general governmental revenues for the year totalled $28,431,324, representing a 5.2%
increase over 1994.
I Property taxes levied for general governmental purposes are showing a 1.3% decrease. This
was made possible on account of strong revenues from other sources.
I Other tax revenues of $11,315,604 increased a robust 8.9% over 1994. Sales tax receipts were
up $404,139, or 9%. Utility tax receipts were up $422,829, a full 16.8% over 1994.
I Revenues from the sale of licenses and permits were down 9% due to less building permit
activity and fewer vehicle license sales.
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Intergovernmental revenues of $3,249,178 are down $95,698, or 2.9%, from 1994. Revenues I
from the Glenbrook Fire Protection District ended up being $537,777 less than the previous
year. This can be attributed to their having to settle a property tax dispute claim, making less I
money available to the Village. However, additional grant proceeds related to the closure of the
Glenview Naval Air Station offset most of the decrease in this revenue category.
Charges for services are showing a 7.8% increase due to increased refuse charges related to the 1
Village's participation in the Solid Waste Agency of Northern Cook County.
Interest earnings are up substantially over 1994 levels due to the deposit of $10.75 million in I
one of the debt service funds for capitalized interest on the Village's 1995 Bond Anticipation
Bond Series. I
Following is a table showing expenditures by service area with comparisons to the previous year:
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Increase Percent
Percent (l)ec~mse) Increase
Expenditures Amount of Total from 1994 (Decrease) I
General Govermnent $ 5,530,632 18.8% $ 636,473 13.0%
Public Safety 10,502,637 35.6 629,932 6.4 I
Highways and Str~ts 3,573,406 12.1 224,479 6.7
Pensions 2,206,054 7.5 122,093 5.8
Cultur~ and Recreation 2,630,473 8.9 179,885 7.3
Debt Servie~ 5,064,909 17.1 3,050,077 151.4 I
Total Expenditures $29,508,111 100.0% $4,842,969 19.6%
Total expenditures for general governmental functions totalled $29,508,111, an increase of I
$4,842,969 (19.6%) over 1994. The majority of the increase can be attributed to debt service
on the $60 million 1995 general obligation bond anticipation bonds. Debt service expenditures 1
increased $3,050,077, or 151.4%.
General government expenditures increased 13% due to the additional expenditures related to I
the closing of the Naval Air Station.
Expenditures related to public safety, highways and streets and culture and recreation increased I
an average of 6.8% due to normal inflation and increased employee benefit expenditures.
n I Bin l
The 1995 General Fund budget predicted that revenues and other financing sources would exceed
expenditures and other financing uses by $21,518. The General Fund, however, ended the year
with a deficit of $987,482. This was due to the fact the Village Board authorized a $750,000 1
transfer to the Capital Projects Fund after the budget was adopted. Also adding to the deficit
was a $728,650 shortfall in payments from the Glenbrook Fire Protection District. Offsetting
part of this revenue shortfall was the fact expenditures came in almost $375,000 (2.1%) under I
budget for the year. The end result was that the General Fund fund balance decreased $987,482
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for the year, bringing the balance to $7,194,227 at year end. This is the equivalent of 40% of
actual expenditures for the year. The Village does not expect the decrease in fund balance to
continue.
Enter~rlse Ouerations
The Village has four enterprise operations accounted for in its financial statements, those being
the Waterworks Fund, the Wholesale Water Fund, the Sewerage Fund and the Commuter
Parking Lot Fund.
The Waterworks Fund recorded net income of $882,980 for the year ended December 31, 1995.
The financial condition of the fund remains strong, with net working capital amounting to
$3,066,063 and cash and investments totalling $1,084,725.
The Wholesale Water Fund is showing net income of $115,627 for the year, resulting in retained
earnings of $623,416.
The Sewerage Fund also had a positive year, with net income totalling $220,628. Net working
capital amounted to $337,922 at December 31, 1995, representing 40% of annual expenses.
The Commuter Parking Lot Fund reported a net loss of $26,918 for the year. The loss can be
attributable to reduced parking revenues and additional wages paid to employees.
Emnlovee Pensions
Police sworn personnel are covered by the Police Pension Fund and sworn firefighters are
covered by the Firefighters' Pension Fund. Both of these plans are defined benefit, single-
employer plans administered by local boards of trustees. The benefits and employer and
employee contributions are governed by state statutes.
During 1995, the Village retained the services of Godwins, Booke & Dickenson to perform an
actuarial valuation on the police and firefighter pension plans as of December 31, 1994.
Following summary the two
is
information
for
funds:
Police Flrefighters'
Pension Fund Pension Fund
Pension Benefit Obligation $15,119,055 $19,861,135
Net Assets Available - 12/31/94 $14,823,582 26,921,541
Percent Funded - 12/31/94 98.0 % 135.5 %
Net Income - Year Ended 12/31/95 $1,254,916 $2,892,106
Net Assets Available - 12/31/95 $16,078,498 $29,813,647
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In 1993 the State of Illinois increased the benefits provided to police and firefighter pension fund !
beneficiaries. The changes increased the pension benefit obligation of both funds, but especially
that of the police pension funds where a provision was made to compound annual increases in ·
pension benefits. Municipalities have until the year 2033 to fully fund the pension plans.
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All other employees of the Village who work at least 1,000 hours per year are covered by the ·
Illinois Municipal Retirement Fund, a state-wide pension plan. IMRF acts as the administrative
1
agent for local governments in Illinois. Benefit provisions and funding requirements are
established by state statute. At December 31, 1995 the Village was 93.4% funded in IMRF. 1
D A '' in
In 1995 Moody's Investors Service affu-med the Village's Aaa general obligation bond rating it ·
was assigned in 1993.
·
At December 31, 1995 the Village had $82,895,000 of general obligation bonds outstanding.·
Of this amount, $77,711,200 is reflected in the general long-term debt account group and
·
$5,183,800 is recorded directly in two enterprise funds.
The Village issued two general obligation bond issues in 1995. In January the Village issued 1
$60,000,000 of G.O. bonds to finance infrastructure improvements at the recently closed
Glenview Naval Air Station. The bonds are expected to be repaid from proceeds from the sale ·
of land to developers. In October the Village issued $500,000 of G.O. bonds to finance sanita~
·
sewer improvements. Debt service on the bonds will be paid through annual transfers from the
Village's Sewer Fund. 1
At December 31, 1995 there was $10,101,716 available in the various debt service funds for
the payment of principal and interest, resulting in a net bonded debt of $67,609,484. The ratio
of net bonded debt to assessed value and the amount of net bonded debt per capita are useful
indicators of a municipality's debt position. This data as of December 31, 1995 is as follows:
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Ratio of Net Debt to Assessed Value 6.60%
Ratio of Net Debt to Actual Value 2.20%
Net Debt Per Capita $1,758.97
Additional information about the Village's outstanding debt can be found in the notes to the
financial statements and the statistical section of this report.
pronertv Tax Information
The county assessors' offices are responsible for determining the assessed value of real property ·
utilizing market values and established assessment ratios. The State of Illinois then assigns an
1
equalization factor to each county in an attempt to get all properties in the state assessed at
approximately 33% of market value. Property taxes are based upon the equalized assessed value
(EAV) of all taxable properties. A government's tax rate is determined by dividing its tax levy I
into its total EAV, adjusting for any rate limitations which might be applicable.
1
At the time this report was prepared, information regarding the tax rates and assessed values for
the 1995 tax levy year were not yet available. The Village's 1994 total equalized assessed
valuation was $931,548,998, a decrease of 1.4% from the 1993 levy year. The drop can be
attributed to a drop in the state equalizer for Cook County. Following is a summary of the
Village's tax rates for the past three years:
1994 1993 1992
Fund
General Fund $ .392 $ .400 $ .400
Special Revenue Funds .122 .093 .064
Debt Service Funds .137 .171 .113
Pension Trust Funds .058 .027 .000
Subtotal - Village .709 .691 .577
Library .327 .300 .282
Total Combined Tax Rate $1.036 $ .991 $ .859
Additional information regarding the Village's tax rates, assessed values and tax collections can
be found in the statistical section of this report.
Cash Mana~,ement
The Village's policy regarding cash management is based upon the realization that there is a time
value to money. A high priority is placed on procedures to ensure that monies due the Village
are collected and deposited as promptly as possible. Disbursements are closely controlled.
Of equal importance is the emphasis on the management of the Village's investment portfolio.
All idle cash is invested in accordance with an established investment policy. The investment
of the foremost The policy provides for full
policy
establishes
safety
principle
RS
objective.
collate~li~,ation of all deposits in excess of FDIC limits. The Village is not permitted to
leverage its portfolio or invest in risky derivatives.
Total interest income earned in all funds of the Primary Government during 1995 was
$8,071,800, compared to $3,918,101 for 1994. The increased interest earnings can be attributed
to an improved cash position and higher interest rates. Following is a summary of total interest
earnings and weighted average yields for each of the various fund types:
Interest Income
Fund
Type Year Ended 12/31/95 Average Yield l
General Fund $ 174,561 4.65%
Special Revenue Funds 36,811 3.86 1
Debt Service Funds 631,189 5.21
Capital Project Funds 3,797,184 6.16
Enterprise Funds 73,283 4.07 1
Internal Service Funds 66,140 2.81
Expendable Trust Funds 251,820 5.95
Pension Trust Funds 3,040,812 7.37 1
Totals $8,071,800 6.30%
Risk Manaeement
The Village maintains a protected risk retention program for property, casualty, and workers m
compensation claims. Health insurance for employees and retirees is provided through a public
entity risk pool. Aggregate umbrella liability coverage is provided through the Village's
membership in the High-level Excess Liability Pool, another public entity risk pool. I
The Village's insurance activity is accounted for in an internal service fund. For the year ended
December 31, 1995 the Insurance Fund reported net income of $213,587. Retained earnings I
for the fund mounted to $1,956,243 at December 31, 1995.
Other Information I
Independent Audit m
State statutes require an annual audit by independent certified public accountants. The
accounting firm of Crow, Chizek and Company LLP performed the audit this year. The ·
independent auditors' report is included in the £mancial section of this report. The auditors have
given this report an unqualified opinion, meaning that the financial statements fairly present the
Village's financial position at December 31, 1995, and the results of operations for the year then
ended. I
The Village is required to undergo an annual single audit in conformity with the provisions of ·
the Single Audit Act of 1984 and U.S. Office of Management and Budget Circular A-128,
Audits of State and Local Governments. Information related to this single audit, including the
schedule of schedule of federal financial assistance, fmdings and recommendations, and auditors ·
reports on the internal control structure and compliance with applicable laws and regulations,
are included in a separately issued Single Audit Report.
Awards
The Government Finance Officers Association of the United States and Canada (GFOA) awarded
a Certificate of Achievement for Excellence in Financial Reporting to the Village of Glenview
for its comprehensive annual financial report for the year ended December 31, 1994. This
marks the thirteenth straight year the Village has received this prestigious award.
In order to be awarded a Certificate of Achievement, the Village must publish an easily readable
and efficiently organized comprehensive annual financial report whose contents conform to
program standards. The December 31, 1994 report satisfied both generally accepted accounting
principles and applicable legal requirements. The Certificate of Achievement is the highest form
of recognition for excellence in state and local government financial reporting.
A Certificate of Achievement is valid for only one year. The Village believes its comprehensive
annual financial report for the year ended December 31, 1995 continues to meet the Certificate
of Achievement Program's requirements, and will be submitting it to GFOA to determine its
eligibility for another certificate.
Acknowledgements
The preparation of the comprehensive annual financial report on a timely basis was made
possible by the dedicated service of the entire staff of the Finance Department. Each member
of the Department has my sincere appreciation for the contributions made in the preparation of
this report. Special thanks is expressed to Mary Reibel, Assistant Finance Director, who served
as Acting Finance Director for six months (upon the untimely death of long-standing Finance
Director Dennis Lauer) and coordinated the annual audit.
In addition, appreciation is expressed to the Village President, The Village Trustees and the
Village Manager for their leadership and support in planning and conducting the fiscal affairs
of the Village in a responsible and progressive manner.
Respectfully submitted,
xii
REPORT OF INDEPENDENT AUDITORS
CROWE CHIZEK
REPORT OF INDEPENDENT AUDITORS
The Honorable Village President
Members of the Board of Trustees
Village of Glenview, Illinois
We have audited the accompanying general purpose financial statements and the combining,
Individual fund, and account group financial statements of the Village of Glenview, Illinois, as
of and for the ended December listed in the table of
year
31,
1995,
as
accompanying
contents,
and the general fund balance sheet as of December 31, 1994 and related statement of revenues,
expenditures, and changes in fund balance for year ended December 31, 1994. These financial
statements are responsibility Village Glenview, management.
the
of
the
of
Illinois'
Our
responsibility is to express an opinion on these financial statements based on our audits.
We conducted audits in accordance with standards. Those
generally
accepted
auditing
our
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes
test basis, evidence the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement
We believe that our audits provide a reasonable basis for our opinion.
presentation.
In our opinion, the general purpose financial statements referred to above present fairly, in all
material the financial of the Village of Glenview, Illinois, as of December 31,
position
1995, and the results of its operations and the cash flows of its proprietary fund types for the
year then ended in conformity with generally accepted accounting prInciples. Also, in our
opinion, the combining, individual fund, and account financial statements referred to
group
above present fairly, in all material respects, the financial position of each of the Individual
funds and account groups of the Village of Glenview, Illinois, as of December 31, 1995, and the
results of operations of such funds and the cash flows of individual proprietary funds for the
year then ended, and the financial position of the General Fund as of December 31, 1994 and
the results of its operations for the year then ended, in conformity with generally accepted
accounting principles.
1
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole and on the combining, individual fund, and account group
financial statements. The accompanying financial information listed as supplemental and
schedules in the accompanying table of contents is presented for purposes of additional
analysis and is not a required part of the financial statements of the Village of Glenview,
Illinois. Such information has been subjected to the auditing procedures applied in the audits
of the general purpose, combining, individual fund, and account group financial statements
and, in our opinion, is fairly presented in all material respects in relation to the general purpose
financial statements and each of the combining, individual fund, and account group financial
statements taken as a whole.
The introductory and statistical information listed in the table of contents was not audited by
us and, accordingly, we do not express an opinion thereon~
Crowe, Chizek and Company LLP
Oak Brook, Illinois
March 8, 1996
2
GENERAL PURPOSE FINANCIAL STATEMENTS
VILLAGE OF GLENVIEW, ILLINOIS
All Fund Types and Account Groups
and Discretely Presented Component Unit
Combined Balance Sheet
December 31, 1995
(See Following Page)
VILLAGE OF GLENVIEW, ILLINOIS
All Proprietary and Fiduciary
(Pension Trust) Fund Types
Combined Statement of Revenues, Expenses,
and Changes in Retained Earnings/Fund Balances
Year Ended December 31, 1995
(with comparative totals for 1994)
Fidudafy
Proprietary Fund Types Ftmd Type ,, Totals
Internal pension (Memorandum Only)
Ente?rise Service Trust -- 1995 19~4
Operating revenues 591,145 $ 558,159
Taxes $ $ $ 591,145 $
Charges for services 8,133,567 3,085,223 11,218,790 10,798,323
623,526 623,526 540,891
Conm'bu~ons 3,040,812 3,040,812 2,937,593
lnter~t 1.014.659 1 ,~91.313 637.404
Miscellaneous 180.951 195.673
16,865,586 15,472,370
Total opera~ng revenues 8,314,548 3,280,896 5,270,142
Operating expenses 668,292 718,017
Administr a~ion 668,292
Operations 4,806,712 3,128,408 7,935,120 7,603,721
Depreciation 513,774 513,774 551,934
1,1S9,506 1,189,506 1,012,720
Benefits m~d refunds 6,658 6,658 10,054
Miscellaneous 5,988 778 3,128,40~' 1,196 164 10,313 350 9,896,446
Total operating expenses
Operating income 2,325,770 152,488 4,073,978_ 6,552,236 5,575,924
Nonoperaling revenues
(expenses) 73,283 66,140 139,423 135,089
Interest income
Interest expense and fiscal (339.066~ (,t~2.991~
chmtges ~,39.0661 .; ": (199,643) /287 902)
(265,783) 66 140 ~ '
Income before operating 4,073,97B 6,352,593 5,288,022
transfers 2,059 987 218,628 _
73,044 73,044 69,504
Operating transfers in (5 500) 2 ($73 170) (838
Operating transfers (out) (867,670) .
(867,670) (5,500_) 73 044_ (800,126) __ (768,946)
1,192,317 213 128 4,147,022. 5,552,467. 4,519 076.
Net income
Retained earnings / fund
balances 57,565,092 54,131,188
January 1 - as restated 13,988,590 1,831,379 41,745,123 997.314 (1,085,172)
Prior period adjus~anent 397,314
Adjusted balmaces 14,385,904 1,831,379_ 41,745,123 57,962,406 53,046,016
December31 $ 15,578,221 $ 2,044,50,7. $ 45,892,1~5. $ 63,514,8~... $ 57,565,092.
See accompanying notes to financial statements.
VILLAGE OF GLENVIEW, ILLINOIS
All Proprietary Fund Types
Combined Statement of Cash Flows
Year Ended December 31, 1995
(with comparative totals for 1994)
Proprietary Fund Types Totals
Internal (Memorandum Only)
~ Service 1995 1994
Cash flows from operating acflvi6.es
Operating income 5 2,325,770 $ 152,488 $ 2,478,258 $ 2,562,055
Adjus/anents to reconcile operating
income to net cash provided by
operating activities
Depreciation and amortization 513,774 513,774 551,934
Changes in assets and liabilities
Accounts receivable (5,914) (208,028) (213,942) (376,363)
Deposits (182,149) (182,149)
Prepaid expenses 1,358 413,356 414,714 (413,356)
Advance to other funds
(24,067)
(24,667)
(115,234)
Due from other funds (250,210) (19,853) (270,063) (267,451)
inventory 19,681 19,681
Accounts payable (13,332) 26,503 13,171 8,343
Claims payable (56,673) (56,673)
Compensated absences
payable 23,751 23,751 4,977
Other payable 594 594 (26,368)
Due to other fiands 51,256 51,256 (272,857)
Advance to other funds 233,728 233,728
2,876,389 125,644 3,002,033
817,230
Cash flows from noncapital
financing activities
Operating transfers (out) (867,670.) (5~500~ (873.1701 (838.450]
Cash flows from capital and related
financing activities
Fixed assets purchased (583,539) (583,539)
(231,939)
Principal paid on genera]
obligation bonds (988,800) (988,800) (810,000)
Interest paid on general
obligation bonds (342,830) (342,830) (409,872)
(1,915,169) (1,915,169) (1,451,811)
Cash flows from investing activities
lnt~est on cash equivalents 73,283
66,140
139,423
135,089
Net incresse (decrease) in cash and
cash equivalents 166,833 186,284 353,117 (499,492)
and cash equivalents
Cash
January I 1,545,961 1,567,881 3,113,842 3,613,334
December 31 $ 1,712,794 $ 1,754,165 $ 3,466,959 $ 3,113,842
See accompanying notes to financial statements.
7
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Village of Glenview, Illinois (Government), have been prepared
in conformity with generally accepted accounting principles (GAAP) as applied to government
units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting
body for establishing governmental accounting and financial reporting principles. The more
significant of the Government's accounting policies are described below.
Reporting Entity: The Government is a municipal corporation governed by an elected seven-
member board. As required by generally accepted accounting principles, these financial
statements present the Government (the primary government) and its component units.
The Government's financial statements include pension trust funds:
Police Pension Employees Retirement System
The Government's police employees participate in the Police Pension Employees
Retirement System (PPERS). PPERS functions for the benefit of these employees and is
governed by a five-member pension board. Two members appointed by the Government's
President, one elected pension beneficiary, and two elected police employees constitute the
pension board. The Government and PPERS participants are obligated to fund all PPERS
costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit
levels and the Government is authorized to approve the actuarial assumptions used in the
determination of contribution levels. Although it possesses many of the characteristics of a
legally separate government, the PPERS is reported as if it were part of the primary
government because its sole purpose is to finance and administer the pensions of the
Government's police employees, and because of the fiduciary nature of such activities. The
PPERS is reported as a pension trust fund.
Firefighters' Pension Employees Retirement System
The Government's firefighters participate in the Firefightars' Pension Employees
Retirement System (FPERS). FPERS functions for the benefit of these employees and is
governed by a nine-member pension board. The Government's President, Treasurer, Clerk,
Attorney, and Fire Chief, one elected pension beneficiary, and three elected fire employees
constitute the pension board. The Government and FPERS participants are obligated to
fund all FPERS costs based upon actuarial valuations. The State of Illinois is authorized to
establish benefit levels and the Government is authorized to approve the actuarial
assumptions used in the determination of contribution levels. Although it possesses many
of the characteristics of a legally separate government, the FPERS is reported as if it were
part of the primary government because its sole purpose is to finance and administer the
pensions of the Government's firefighters, and because of the fiduciary nature of such
activities. The FPERS is reported as a pension trust fund.
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
31, 1995
December
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Reporting Entity: (Continued)
Discretely Presented Component Unit:
Village of Glenview Public Library (Library)
The Glenview Public has elected seven-member board which
Library
a
separately
annually
determines its budget and resulting tax levy. Upon approval of the Government, the levy
is submitted to the County. All debt of the Library is secured by the full faith and credit of
the Government which is liable for the debt. The while the
Library,
general population of the Government, does not provide services entirely to the
Government. Because the Library possesses the characteristics of a legally separate
government primary government, Library being reported as
and
does
service
the
the
is
a discrete presentation. Separate financial statements are disclosed in the component unit
portion of this report; the Library does not issue separate financial statements.
Joint Ventures:
Regional Emergency Dispatch Center (R.E.D.)
R.E.D. is a joint venture used to account for the resources involved in dispatching fire and
medical services to a seven-commurtity area. Management consists of a Board
emergency
of Directors comprised of one elected trustee from each member jurisdiction. Day to day
operations are administered by the Fire Chiefs of each member jurisdiction. The
Government does not exercise any control over the activities of the Agency beyond its
representation on the Board of Directors. R.E.D. is reported as a governmental joint
venture. Additional required disclosures may be found in the Commitments, Contingent
Liabilities, and Joint Ventures notes to financial statements.
Solid Waste Agency of Northern Cook County (SWANCC)
The Government is a participant with twenty-two other municipalities in a joint venture.
SWANCC is a municipal corporation empowered to plan, finance, construct and operate a
solid waste disposal system to serve its member municipalities. Management consists of a
Board of Directors comprised of one appointed representative from each member. The
Government does not exercise any control over the activities of the Agency beyond its
representation on the Board of Directors. On dissolution of the Agency, the net assets of
SWANCC will be shared proportionately by its members. SWANCC is reported as a
proprietary joint venture.
(Continued)
9
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Stmtements
December 31, 1995
NOTE ! - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fund Accounting: The Government uses funds and account groups to report on its financial
position, results of its operations, and cash flows. Fund accounting is designed to demonstrate
legal compliance and to aid financial management by segregating transactions related to certain
government functions or activities.
A fund is a separate accounting entity with a self-balancing set of accounts. An account group,
on the other hand, is a financial reporting device designed to provide accountability for certain
assets and liabilities that are not recorded in the funds because they do not directly affect net
expendable available financial resources.
Funds are classified into the following categories: governmental, proprietary, and fiduciary.
Each category, in turn, is divided into separate "fund types".
Governmental funds are used to account for all or most of a government's general activities,
including the collection and disbursement of earmarked monies (special revenue funds), the
acquisition or construction of general fixed assets (capital projects funds), and the servicing of
general long-term debt (debt service funds). The general fund is used to account for all
activities of the general government not accounted for in some other fund.
Proprietary funds are used to account for activities similar to those found in the private sector,
where the determination of net income is necessary or useful to sound financial administration.
Goods or services from such activities can be provided either to outside parties (enterprise
funds) or to other departments or agencies primarily within the Government (internal service
funds).
Fiduciary funds are used to account for assets held on behalf of outside parties, including other
governments, or on behalf of other funds within the Government. When these assets are held
· or an expendable trust
under the terms of a formal trust agreement, either a pension trust fund
fund is used. The term "expendable" refers to whether or not the Government is under an
obligation to maintain the trust principal. Agency funds generally are used to account for
assets that the Government holds on behalf of others as their agent·
Basis of Accounting: The accounting and financial reporting treatment applied to a fund is
determined by its measurement focus. All governmental funds and expendable trust funds are
accounted for using a current financial resources measurement focus. With this measurement
focus, only current assets and current liabilities generally are included on the balance sheet.
Operating statements of these funds present increases (i.e., revenues and other financing
sources) and decreases (i.e., expenditures and other financing uses) in net current assets.
(Continued)
10
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Basis of Accounting: (Continued)
All proprietary funds and pension trust funds are accounted for on a flow of economic
resources measurement focus. With this measurement focus, ail assets and ail liabilities
associated with the operation of these funds are included on the balance sheet. Proprietary
fund-type fund equity (i.e., net total assets) is segregated into contributed capital and retained
earnings components. Proprietary fund-type operating statements present increases (i.e.,
revenues) and decreases (i.e., expenses) in net total assets.
The modified accrual basis of accounting is used by all governmental fund types, expendable
trust funds, and agency funds. Under the modified accrual basis of accounting, revenues are
recognized when susceptible to accrual (i.e., when they become both measurable and
available). "Measurable" means the amount of the transaction can be determined and
"available" means collectible within the current period. The Government recognizes property
taxes when they become both measurable and available in accordance with GASB Codification
one-year availability period is used for revenue recognition for all other
Section
P70.
A
governmental fund revenues. Expenditures are recorded when the related fund liability is
incurred. Principal and interest on general long-term debt are recorded as fund liabilities when
due or when amounts have been accumulated in the debt fund for
service
payments
to
be
made early in the following year.
Those revenues susceptible to accrual franchise licenses, interest
aFe
property
taxes,
taxes,
revenue, and charges for services. Sales, income, and motor fuel taxes, and fines collected and
held by the state at year end on behalf of the Government also are recognized as revenue.
Permit revenues are not susceptible to accrual because not measurable until
generally
they
are
received in cash.
The accrual basis of accounting is utilized by proprietary fund trust funds, and
types,
pension
nonexpendable trust funds. Under this method, revenues are recorded when earned and
expenses are recorded at the time liabilities are incurred.
The Government reports deferred revenue on its combined balance sheet. Deferred revenues
arise when a potential revenue does not meet both the "measurable" and "available" criteria for
recognition in the current period. Deferred revenues also arise when resources are received by
the Government before it has a legal claim to them, as when grant monies are received prior to
the incurrence of qualifying expenditures. In subsequent periods, when both revenue
recognition criteria are met, or when the Government has a legal claim to the the
resources,
liability for deferred revenue is removed from the combined balance sheet and revenue is
recognized.
(Continued)
11
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Budgets: Budgets are adopted on a basis consistent with generally accepted accounting
principles. Annual appropriated budgets are adopted (at the fund level) for the General,
Special Revenue, and Debt Service Funds on the modified accrual basis, and Enterprise,
Internal Service, and Pension Trust Funds on the accrual basis. The annual appropriated
budget is legally enacted and provides for a legal level of control at the fund level. All annual
appropriations lapse at fiscal year end.
During the current year, budgets were not adopted for the following funds:
GNAS Grant
GNAS Caretaker
Library Bond Series of 1984
The source of revenue and nature of expenditures for these funds adopted on a project basis.
Budget and actual comparisons for the Special Revenue Funds exclude the aforementioned
funds.
The following is a reconciliation of the Special Revenue Funds presented on a budgetary basis
to the GAAP basis presentation.
Special Debt
Revenue Service
Fund Balances - Budgeted Funds,
at December 31, 1995
GAAP Basis $ (39,758) $ 9~564,456
Nonbudgeted Fund Balances (102,240)
GNAS Grant
GNAS Caretaker 379,604
Library Bond Series of 1984
(1021240) 379~604
Fund Balances -at December 31, 1995
GAAP Basis ~ (141.998~ ~ 9,944.060
Encumbrances represent commitments related to unperformed contracts for goods or services.
Encumbrance accounting-under which purchase orders, contracts and other commitments for
the expenditure of resources are recorded to reserve that portion of the applicable
appropriation-is utilized in the governmental funds. Material encumbrances outstanding at
year end, if any, are reported as reservations of fund balances and do not constitute
expenditures or liabilities because the commitments will be honored during the subsequent
year.
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Cash and Investments: For purposes of the statement of cash flows, the Government's
proprietary fund types consider all highly liquid investments with an origirual maturity of three
months or less when purchased to be cash equivalents.
Investments: investments are stated at cost or amortized cost, subject to adjustment for market
declines judged to be other than temporary (lower of cost or market), except for investments in
the deferred compensation agency fund which are reported at market value.
Short-term Interfund Receivables/Payables: During the course of operations, numerous
transactions occur between individual funds for goods provided or services rendered.
These
receivables and payables are classified as "due from other funds" or "due to other funds" on the
balance sheet. Short-term interfund loans, if any, are classified as "interfund
receivables/payables".
Inventories: Inventories are valued at cost, which approximates market, using the first-
in/first-out method. The costs of inventories are recorded as
(FIFO)
governmental
fund-type
expenditures when consumed rather than when purchased.
Prepaid made to vendors for services that will benefit periods
Items/Expenses:
Payments
beyond the date of this report are recorded as prepaid items/expenses.
Fixed Assets: General fixed assets are not capitalized in the funds used to acquire or construct
them. Instead, capital acquisition and construction are reflected as expenditures in
governmental funds, and the related assets are reported in the general fixed assets account
All purchased fixed assets are valued at cost where historical records are available and
group.
at an estimated historical cost where no historical records exist. Donated fixed assets are valued
at their estimated fair value on the date received.
The costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend asset lives are not capitalized. Improvements are capitalized and depreciated
over the remaining useful lives of the related fixed assets, as applicable.
Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and
gutters, streets and sidewalks, drainage systems and lighting systems are not capitalized, as
these assets are immovable and of value only to the Government.
Assets in the general fixed assets account group are not depreciated. Depreciation of buildings,
equipment, wate~:/sewer systems, and vehicles in the proprietary fund types is computed
using the straight-line method.
(Continued)
13
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fixed Assets: (Continued)
Interest is capitalized on proprietary fund assets acquired with tax-exempt debt. The amount
of interest to be capitalized is calculated by offsetting interest expense incurred from the date of
the borrowing until completion of the project with interest earned on invested proceeds over
the same period.
Compensated Absences: Vested or accumulated vacation leave that is expected to be
liquidated with expendable available financial resources is reported as an expenditure and a
fund liability of the governmental fund that will pay it. Vested or accumulated vacation leave
of proprietary funds is recorded as an expense and liability of those funds as the benefits
accrue to employees.
Long-Term Obligations: Long-term debt is recognized as a liability of a governmental fund
when due, or when resources have been accumulated in the debt service fund for payment
early in the following year. For other long-term obligations, only that portion expected to be
financed from expendable available financial resources is reported as a fund liability of a
governmental fund. The remaining portion of such obligations is reported in the general long-
term debt account group. Long-term liabilities expected to be financed from proprietary fund
operations are accounted for in those funds.
Fund Equity: Contributed capital is recorded in proprietary funds that have received capital
grants or contributions from developers, customers, or other funds. Reserves represent those
portions of fund equity not appropriable for expenditure or legally segregated for a specific
future use. Designated fund balances represent tentative plans for future use of financial
resources.
Bond Discounts/Issuance Costs: In governmental fund types, bond discounts and issuance
costs are recognized In the current period. Bond discounts and issuance costs for proprietary
fund types are deferred and amortized over the term of the bonds using the bonds-outstanding
method, which approximates the effective interest method. Bond discounts are presented as a
reduction of the face amount of bonds payable whereas issuance costs are recorded as deferred
charges.
Interfund Transactions: Quasi-external transactions are accounted for as revenues,
expenditures, or expenses. Transactions that constitute reimbursements to a fund for
expenditures/expenses initially made from it that are properly applicable to another frmd are
recorded as expenditures/expenses in the reimbursing fund and as reductions of
expenditures/expenses In the fund that is reimbursed.
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Interfund Transactions (Continued)
All other interfund transactions, except quasi-external transactions and reimbursements, are
reported as transfers. Noratecurring or nom:outine permanent transfers of equity are reported
as residual equity transfers. All other interfund transfers are reported as operating transfers.
Memorandum Only - Total Columns: Total columns on the general purpose financial
statements are captioned "memorandum only" to indicate that they are presented only to
facilitate financial analysis. Data in these columns do not present financial position or results
of operations in conformity with generally accepted accounting principles. Neither are such
data comparable to a consolidation. Interfund eliminations have not been made in the
aggregation of this data.
Comparative Data: Comparative total data for the prior year have been presented in selected
sections of the accompanying financial statements in order to provide an understanding of
changes in the Government's financial position, operations, and cash flows.
GASB Pronouncements: The Government has elected, under the provisions of GASB
Statement 20, entitled "Accounting and Financial Reporting for Proprietary Funds and Other
Governmental Entities That Use Proprietary Fund Accounting", to apply all applicable GASB
pronouncements and all FASB Statements and Interpretations, Accounting Principles Board
(APB) Opinions, and Accounting Research Bulletins (ARB) issued on or before November 30,
1989, unless they conflict with or contradict GASB pronouncements.
NOTE 2 - LEGAL COMPLIANCE AND ACCOUNTABILITY
Budgets: All departments of the Government submit requests for appropriation to the
Government's manager so that a budget may be prepared. The budget is prepared by fund,
and includes information on the past year, current year estimates, and requested
appropriations for the next fiscal year.
The proposed budget is presented to the governing body for review. The governing body
holds public hearings and may add to, subtract from, or change appropriations, but may not
change the form of the budget.
The manager is authorized to transfer budgeted amounts between departments within any
fund; however, any revisions that alter the total expenditures of any fund must be approved by
the governing body.
Expenditures may not legally exceed budgeted appropriations at the fund level. During the
year, several supplementary appropriations were necessary.
(Continued)
15
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 3 - DEPOSITS AND iNVESTMENTS (Continued)
· categorized to give an indication of the level
InvestmentS: The Government's investments are investments that are insured or
of risk assumed by the entity at year-end. Category 1 includes
and unregistered investments for which
registered or for which the securities are held by the Government or its agent in the
Government's name. Category 2 includes uninsured agent in the Government's
the securities are held by the counterparty's trust department or
unregistered investments for which the securitie, ss
name. Category 3 includes uninsured and agent but not in the Government
are held by the counterparty, or by .its trust department or
name, and uninsured, unregistered investments.
..................... ~ ...................... Market
1 2 3_
- - $ 71,230,716
13,837,780 14,409,102
U.S. Treasury Securities $ 65,346,868 $ $ $ 65,346,868
13,837,780
Israel Bonds - ~
U.S. AgenCy Security 12 124 375 ._______z -------- 97,429,524
(FNMA's) ~ .~-~----- %_____. 91,309,023
* Deferred Compensation 11,656,790 11,656,790
Plan AssetS
* Insurance Contracts and _____._~Q!~.~-501 4~
Separate Accounts ~
"~otal InvestmentS
* (Not subject to risk categorization) Investments in Category 1.
The pension trust funds own 48 percent of the
...... held bv the Component Unit.
At year end, there were no mvesrm~,,,:
NOTE 4 - RECEIVABLES-TAXES
attach as an enforceable lien on January 1, 1995, on property values
(by passage of a
date. Taxes are levied by December of the tiscal year
Property taxes for 1995
and issued on or about February 1,
assessed as of the same --ed b,, the County .... March 1, 1996 and
~ -. --,-e~ Tax bills are prepm ? :-,~U~nentS, on or avou,
Tax Levy uromm~, ~,~,~ and are payable in two u~-- · '
~-- ' '996. The County c. ollectS, s~u~c -t 2% of the tax tevy, ,o tenet,
Septemoet,~, ~ -~lectible taxeS has veen stat~u ~
ollowance lor
experience-
(Continued)
18
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 5 - FIXED ASSETS
General Fixed Assets Account Group: The following is a summary of changes in the general
fixed assets account group during the fiscal year:
Balances Balances
Primary Government |anuary 1 Additions Retirements December 31
Land $ 3,405,095 $ $ $ 3,405,095
Buildings and Lrnprovements 7,861,054 1,467,953 9,329,007
Equipment 7,019,354 925,247 320,013 7,624,588
Furniture 296,096 296,096
Office equipment 328,841 328~841
5 18.910.440
Balances Balances
January 1 Additions Retirements December 31
Discretely presented component
unit - Library:
Land $ 500,000 $ $ $ 500,000
Buildings and improvements 4,103,826 12,262 4,116,088
Equipment 437,329 169,695 607,024
Furniture 277,388 277,388
£ 5.318.543 $ 181.957 ~ - ~ 5.500.500
Proprietary Fixed Assets:
The following is a summary of proprietary fund-type fixed assets as of the date of this report:
Enterprise Funds
Land and improvements $ 67,851
Leasehold improvements 203,309
Water/sewer systems 21,185,317
Buildings 243,645
Equipment and vehicles 5,788,680
Office furniture and equipment 5,457
27,494,259
Less accumulated depreciation and amortization (7,987,387)
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 5 - FIXED ASSETS (Continued)
Proprietary Fixed Assets: (Continued)
In proprietary funds, the following estimated useful lives are used to compute depreciation:
Leasehold improvements 10-20 years
Water/sewer systems 50 years
Buildings 40-50 years
Equipment and vehicles 3-10 years
Office furniture and equipment 3-10 years
NOTE 6 - RISK MANAGEMENT
The Government is exposed to various risks of loss related to torts; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; illnesses of employees; and
natural. . disasters. The Government,, is. self-insured, for ail risks, and has established a risk
fmancmg fund, Insurance Fund ( Fund ), for all r~sks. It is accounted for as an internal service
fund where assets are set aside for claim settlements. Under this program, the Fund provides
coverage up to a maximum of $1,000,000 for each general liability claim, $50,000 for each
workers compensation claim, and $50,000 for each property damage claim. The Government
purchases commercial insurance for claims in excess of the coverages provided by the Fund.
Settled claims have not exceeded this commercial coverage in any of the past three fiscal years.
All funds of the government participate and made payments to the Fund based upon actuarial
estimates of the amounts needed to pay prior and current-year claLms. Liabilities of the Fund
are reported when it is probable that a loss has occurred and the amount of the loss can be
reasonably estimated. Liabilities include an amount for claims that have been incurred but not
reported (IBNR). Claim liabilities are calculated considering the effects of inflation, recent claim
settlement trends including frequency and amount of payouts, and other economic and societal
factors. Changes in the balances of claims liabilities during the past two fiscal years are as
follows:
Fiscal Year Ended
December 31
1995 1994
Unpaid claims - beginning $ 193,783 $ 193,783
Incurred claims (including IBNR) 414,481 430,860
Claim payments 471,154 430,860
Unpaid claims - ending $ 137.110 $ 193.783
(Continued)
20
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 6 - RISK MANAGEMENT (Continued)
Intergovernmental Personnel Benefit Cooperative (IPBC)
The Government participates in the Intergovernmental Personnel Benefit Cooperative (IPBC).
IPBC is a public entity risk pool established by certain units of local government in Illinois to
administer some or all of the personnel benefit programs (primarily medical, dental, and life
insurance coverage) offered by its members to their officers and employees, and to the officers
and employees of certain other governmental, quasi-governmental, and nonprofit public
service entities. Risk of loss is retained by he Government, except that IPBC purchases excess
coverage policies.
Management consists of a Board of Directors comprised of one appointed representative from
each member. In addition, there are three officers, a Benefit Administrator and a Treasurer.
The Government does not exercise any control over activities of IPBC beyond its representation
on the Board of Directors.
High-Level Excess Liability Pool (HELP)
The Government participates in the High-Level Excess Liability Pool (HELP). HELP is a public
risk established certain in IllLnois to provide excess liability
entity
pool
by
municipalities
coverage ($10,000,000 of coverage after a $1,000,000 self-insurance retention). The
Government's payments to HELP are displayed on the financial statements as
expenditures/expenses appropriate
funds.
The High-Level Excess Liability Pool (the "Agency") was organized on April 1, 1987. The
of the is to act as a joint self-insurance pool for the of seeking the
purpose
Agency
purpose
prevention or lessening of liability claims for injuries to persons or property or claims for errors
and omissions made against the Members and other parties included within the scope of
coverage Agency.
of
the
The Agency is governed by a Board of Directors wl'6ch consists of one appointed
from each member municipality. Each Director has an equal vote. The officers
representative
of the Agency are appointed by the Board of Directors. The Board of Directors determines the
general policy of the Agency, makes all appropriations, approves contracts, adopts resolutions
for the issuance of debt by the Agency, adopts by-laws, rules and regulations, and
providing
exercises such powers and performs such duties as may be prescribed in the Agency
Agreement or the by-laws.
The Government does not exercise any control over the activities of the Agency beyond its
representation on the Board of Directors.
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 6 - RISK MANAGEMENT (Continued)
High-Level Excess Liability Pool (HELP) (Continued)
The Village of Elk Grove Village, Illinois (the initial Host Member) issued $5,000,000 of general
obligation bonds in 1987 to provide initial funding for the Agency. The bond proceeds were
put into escrow with LaSalle National Bank as escrow agent. An intergovernmental agreement
among the Agency, the Village of Elk Grove Village, and the Members provides that the
Agency and its Members are obligated to the Village of Elk Grove Village for payment of
principal and interest on the bonds until such bonds have been retired. Additionally, each
Member is liable for its proportionate share of any default by other Members. The obligations
of the Agency and its Members are unconditional.
NOTE 7 - LEASE OBLIGATIONS
No material capital or operating leases were in effect as of the date of this report.
NOTE 8 - LONG-TERM DEBT
Changes in Long-Term Liabilities: During the fiscal year the following changes occurred in
liabilities reported in the General Long-Term Debt Account Group:
Balances
January 1- Balances
as restated Additions Reductions December 31
General Obligation Bonds ~ ~ (~0.500.000 ~ ~; 77,711.200
General Obligation Bonds: The Government issues general obligation bonds to provide funds
for the acquisition and construction of major capital facilities. General obligation bonds have
been issued for both general government and proprietary activities. These bonds therefore are
reported in the proprietary funds if they are expected to be repaid from proprietary revenues.
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 8 - LONG-TERM DEBT
General Obligation Bonds: (Continued)
General obligation bonds are direct obligations and pledge the full faith and credit of the
Government. General obligation bonds currently outstanding are as follows:
Fund Debt Balances Balances
Issue Retired I Additions Reductions December 31
By
~anuary
$4,525,(D0 Corporate Purpose
Bonds dated July 1, 1977, due
in annual installments of
$225,000 to $375,000 plus Water
interest at 4.6% to 6.0% Works $ 1,050,000 $ $ 325,000 $ 725,000
through January 1, 1998.
$8,000,000 Corporate Purpose
Bonds Series of 1989 dated
July 1, 1989, due in annual
installments of $125,0OO to
$625,000 plus interest at 6.10% Debt
to 6.60% through December 1, Service 1,100,000 525,000 575,000
1996.
$4,500,000 Corporate Purpose
Bonds Series of 1990 dated
May 1, 1990, due in annual
installments of $50,000 to
$600,000 plus interest at 6.10% Debt
to 6.90% through December 1, Service 1,150,000 350,000 800,000
1997.
$4,165,000 Corporate Purpose
Bonds Series of 1991 dated
December 1, 1991, due in Water
annual installments of $50,000 Works $ 2,322,600 $ $ 568,800 $ 1,753,800
to $(~3,000 plus interest at
4.40% to 6.90% through Debt
December 1, 1999. Service 617,400 151,200 466,200
$2,895,000 Corporate Purpose
Bonds Series of 1992 dated
April 1, 1992, due in annual
installments of $10,000 to
$255,000 plus interest at 4.00% Whole-
to 5.90% through December 1, sale
2012. Water 2,800,000 95,0(30 2,705,000
(Continued)
23
VILLAGE OF GLENVIEW, ILLINOIS I
Notes to Financial Statements
December 31, 1995 I
NOTE 8 - LONG-TERM DEBT (Continued) I
General Obligation Bonds: (Continued) I
Fund Debt Balances Balances
Issue Retired By ]anuary 1 Additions Reductions December 31 I
$7,635,000 Corporate Purpose
Bonds Series of 1993 dated
May 1, 1993, due in annual 1
installments of $205,000 to
$1,345,000 plus interest at Debt
4.60% to 4.70% through Service 7,635,000 205,000 7,430,000
December 1, 2005. l
$8,040,000 Coirporate Purpose
Bond Series of 1994 dated
September 15, 1994 due in l
annual installments of $90,000
to $1,275,000 plus interest at Debt
4.00% to 5.10% through Service 8,025,000 85,000 7,940,000
December 1, 2004. 1
$500,000 Corporate Purpose
bond Series of 1995 dated
October 17, 1995, due in ·
annual installments of
$100,000 plus interest at 3.55%
to 4.20% through Decem- Debt
ber 31, 2000. Service 500,000 500,000 I
$60,000,000 General Obligation
Bond Anticipation Bonds of
1995 dated January 25, 1995, ·
due in annual installments of
$7,500,000 to $20,000,000 plus
interest at 7.0o/0 through Debt
December 1, 1999. Service 60eOOOeO00 ~.000.000 I
$ 24.700.000 5, 60500.000 ~ ~, ~2.895.~00
(Continued) I
24
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
LONG-TF. RM DEBT (Continued)
Requirements to Maturity
service requirements to maturity are as follows:
General Obligation
Fiscal Year General Bonds Carried
Ending Obligation as Enterprise
December 31 Bonds Fund Liabilities Totals
1996 $ 13,218,714 $ 1,303,247 $ 14,521,961
1997 20,301,130 1,247,675 21,548,805
1998 22,186,495 653,410 22,839,905
1999 23,697,040 583,509 24,280,549
2000 2,493,114 267,524 2,760,638
2001 2,269,016 265,444 2,554,460
2002 2,275,221 262,944 2,538,165
2003 1,945,881 270,014 2,215,895
2004 1,949,041 266,024 2,215,065
1,408,216 266,574 1,674,790
2005
2006 266,334 266,334
2007 265,284 265,284
268,490 268,490
20O8
2009 270,720 270,720
2010 266,860 266,860
267,340 267,340
2011
2012 271r830 271t830
and interest $ 7.263.223 $ 99.007.091
principal
portion ~ ~ $ 16.112.091
(Continued)
25
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 8 - LONG-TERM DEBT (Continued)
Legal Debt Margin
The Government is a home rule municipality.
Article VII, Section G(k) of the 1970 Illinois Constitution governs computation of the legal debt
"The General Assembly may limit by law the amount and require referendum approval of
debt to be incurred by home rule municipalities, payable from ad valorem property tax
receipts, only in excess of the following percentages of the assessed value of its taxable
property ...(2) if its population is more than 25,000 and less than 500,000 an aggregate of
one percent: ...indebtedness which is outstanding on the effective date (July 1, 1971) of this
constitution or which is thereafter approved by referendum.., shah not be included in the
foregoing percentage amounts."
To date the General Assembly has set no limits for home rule municipalities.
Advance Refunding - General Obligation Bonds, Series 1991
On November 19, 1991, the Government passed an ordinance providing for the issuance of
$4,165,000 General Obligation Bond Series of 1991 and the levy and collection of a direct annual
tax for the payment of principal and interest on the bonds. On December 1, 1991, the
Government passed an ordinance directing the execution of an escrow agreement in order to
partially refund $875,000 of Library Bond Series of 1984 issued by the Government and
outstanding in the aggregate principal amount of $1,650,000.
Proceeds in the amount of $946,182 from the refunding bonds were used to execute the escrow
agreement. The long-term debt is recorded in the General Long-Term Debt Account Group.
Current principal and interest requirements are accounted for in the Debt Service Fund.
Proceeds in the amount of $3,171,875 were used to call the entire amount of outstanding 1979
Corporate Purpose Bonds ($3,425,000) on January 2, 1992.
Although there has been no legal defeasance (satisfaction of debt) in this transaction, all
conditions which normally satisfy defeasance of the $875,000 of the Library Bond Series of 1984
have been met.
These provisions include:
Proceeds of the new debt have been placed in an irrevocable trust with a reputable trustee
for the primary purpose of satisfying old debt at a specified future date. An escrow
agreement has been entered into with American National Bank and Trust Company of
Chicago.
(Continued)
26
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 8 - LONG-TERM DEBT (Continued)
Advance Refunding - General Obligation Bonds, Series 1991 (Continued)
The proceeds of the new debt are invested in direct U.S. Treasury obligations with
maturities that approximate the Debt Service Requirements of the original issue.
The proceeds in escrow are not subiect to lien for any purpose other than in connection
with the advance refunding transaction.
Since the requirements which normally satisfy defeasance have been met, the financial
statements reflect satisfaction of the original liability through the irrevocable transfer to an
escrow agent of an amount computed to be adequate to meet the future Debt Service
Requirements of the Issue.
Schedule of Future Requirements - Library
Bond Series of 1984 to be paid from escrow:
Fiscal Year
Ending Interest
December 31 Rates Principal
1996 9.90 $ 275,000
1997 10.00 275,000
Advance Refunding - General Obligation Refunding Bonds, Series 1994
On August 30, 1994, the Government passed an ordinance providing for the issuance of
$8,040,000 General Obligation Refunding Bond Series of 1994 and the levy and collection of a
direct annual tax for the payment of principal and interest on the bonds. On August 30, 1994,
the Government passed an ordinance directing the execution of an escrow agreement in order
to partially refund $5,025,000 of General Obligation Bond Series of 1989 and $2,525,000 of
General Obligation Bond Series of 1990 issued by the Government and outstanding in the
aggregate principal amount of $6,625,000 and $4,000,000, respectively. This advance refunding
was undertaken to reduce total debt service payments over the next eleven years by $322,463
and to obtain an economic gain (difference between the present value of the debt service
payments of the refunded and refunding bonds) of $259,324.
Proceeds in the amount of $7,988,866 from the refunding bonds were used to execute the
escrow agreement. The long-term debt is recorded in the General Long-Term Debt Account
Group. Current principal and interest requirements are accounted for in the Debt Service
Fund.
(Continued)
27
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 8 - LONG-TERM DEBT (Continued)
Advance Refunding - General Obligation Refunding Bonds, Series 1994 (Continued)
Although there has been no legal defeasance (satisfaction of debt) in this transaction, all
conditions wkich normally satisfy defeasance of the partial refund of the $5,025,000 of General
Obligation Bond Series of 1989 and $2,525,000 of General Obligation Bond Series of 1990 have
been met.
Those provisions include:
Proceeds of the new debt have been placed in an irrevocable trust with a reputable trustee
for the primary purpose of satisfying old debt at a specified future date. An escrow
agreement has been entered into with American Natioral Bank and Trust Company of
Chicago.
The proceeds of the new debt are invested in direct U.S. Treasury obligations with
maturities that approximate the Debt Service Requirements of the original issue.
The proceeds in escrow are not subject to lien for any purpose other than in connection
with the advance refunding transaction.
Since the requirements which normally satisfy defeasance have been met, the financial
statements reflect satisfaction of the original liability through the irrevocable transfer to an
escrow agent of an mount computed to be adequate to meet the future Debt Service
Requirements of the Issue.
Schedule of Future Requirements
Corporate Purpose Corporate Purpose
Fiscal --Bond Series of 1989-- -- Bond Series of 1990
Year
Ending Interest Interest
December 31 Rate Principal Rate Principal
1997 6.30 $ 600,000 6.80 $ 425,000
1998 6.40 650,000 6.85 425,000
1999 6.40 700,000 6.90 450,000
2000 6.50 750,000 6.90 475,000
2001 6.50 550,000 6.90 575,000
2002 6.60 550,000 6.90 600,000
2003 6.60 600,000
2004 6.60 625,000
(Continued)
28
VILLAGE OF GLEN-VIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 8 - LONG-TERM DEBT (Continued
Noncommitment Debt
Special Service Area Bonds: Special service area bonds outstanding as of the date of this
report totaled $1,263,992. These bonds are not an obligation of the Government and are
secured by the levy of special assessments on the real property within the special assessment
area. The Government is in no way liable for repayment but is only acting as agent for the
property owners in levying and collecting the assessments and forwarding the collections to
bondholders.
NOTE 9 - CONTRACTUAL COMMITMENTS
High-Level Excess Liability Pool (HELP)
The Government has committed to purchase excess hability insurance from the High-Level
Excess Liability Pool (Agency), a public entity risk pool for certain Illinois municipalities. The
Government expects to pay the following minimum amounts (these amounts represent the
Government's share of the principal and interest - "fixed costs" - of the Agency):
Fiscal
Year Ending
December 31 Amount
1996 $ 46,842
1997 45,903
1998 46,426
These amounts have been calculated using the Govemment's current allocation percentage of
6.44%. In future years this allocation percentage will be subject to change, because the
Agency's Agreement provides that each year Members will be assessed based upon a formula
which specifies the following four criteria for allocating premium costs:
Miles of Streets
Full-Time Equivalent Employees
Number of Motor Vehicles
Operating Revenues
(Continued)
29
VILLAGE OF GLENVIEW, ILLINOIS I
Notes to Financial Statements I
December 31, 1995
NOTE 9 - CONTRACTUAL COMMITMENTS (Continued) I
Solid Waste Agency of Northern Cook County (SWANCC): The Government has cormnitted I
to pay its share of the annual operating costs and fixed costs of the SWANCC (Agency). The
Government's share of dual costs is expected to be funded through tipping fees paid by refuse
haulers. The Government expects to be delivering refuse to the Agency beginning May of 1
1995.
The Agency has entered into Solid Waste Disposal Contracts with member municipalities. The I
Contracts are irrevocable and may not be terminated or amended except as provided in the
Contract. Each member is obligated, on a "take or pay" basis, to purchase, or in any event, to
pay for a minimum annual cost of the system. I
The obligation of the Government to make all payments as required by this Contact is
unconditional and irrevocable, without regard to performance or nonperformance by the
Agency of its obligations under this Contract. I
NOTE 10 - INTERFUND ASSETS/LIABILITIES
Due From]To Other Funds
Receivable Fund Payable Fund Amount I
General Illinois Municipal Retirement $ 953,800
Cable Television 13,112 I
Refuse and Recycling 125,000
GNAS Grant 27,665
GNAS Caretaker 97,214
General Obligation Bond Anticipation I
Bond Series of 1995 40,522
Capital Equipment Replacement 160,778
GNAS Project 596 I
Wholesale Water 150,000
Escrow Deposit 1~301,020
2~869~707 I
Special Revenue 9,427
Illinois Municipal Retirement GNAS Caretaker
General Obligation Bond Anticipation I
Bond Series of 1995 12,631
GNAS Grant GNAS Project 146,599
362~438.
GNAS Caretaker GNAS Grant 531r095
I
(Continued) I
30
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 3t, 1995
NOTE 10 - INTERFUND ASSETS/LIABILITIES (Continued)
Due From/To Other Funds
(Continued)
Receivable Fund Payable Fund Amount
Debt Service Funds
Library Bond Series of 1984 General Obligation Bond Anticipation
Bond Series of 1995 $ 379,604
Corporate Purpose Bond
Series of 1989 General 325,413
General Obligation Bond Anticipation
Bond Series of 1995 124,065
Corporate Purpose Bond
Series of 1990 Illinois Municipal Retirement 70,828
General Obligation Bond Anticipation
Bond Series of 1995 204,849
Waterworks 373,697
Corporate Purpose Bond
Series of 1991 General Obligation Bond Anticipation
Bond Series of 1995 199,991
Corporate Purpose Bond
Series of 1993 Bond Fund Series 1993 25,462
General ObLigation Bond Anticipation
Bond Series of 1995 41,350
Corporate Purpose Bond
Series of 1995 Sewerage 25,000
General Obligation Bond Anticipation
Bond Series of 1995 35,000
1~805t259
Capital Projects Funds
Capital Equipment Replacement GNAS Caretaker 9,000
Capital Projects
General
750,000
GNAS Project GNAS Grant 111,783
GNAS Caretaker 441,822
General Obligation Bond Anticipation
Bond Series of 1995 lt675r625
2r988t230
(Continued)
31
VILLAGE OF GLENVIEW, ILLINOIS i
Notes to Financial Statements
December 31, 1995
I
NOTE 10 - INTERFUND ASSETS/LIABILITIES (Continued)
Due From/To Other Funds (Continued) 1
Receivable Frmd Payable Fund Amount
Enterprise Funds I
Waterworks General $ 61,669
GNAS Caretaker 861
Corporate Purpose Bond Series of 1991 246,114
Capital Equipment Replacement 13,675
Wholesale Water 30,000 I
Wholesale Water Corporate Purpose Bond Series of 1990 137,070
Corporate Purpose Bond Series of 1994 187,795
General Obligation Bond Anticipation
Bond Series of 1995 110,462 I
Capital Projects 429,217
L216,863
Internal Service Funds
Municipal Equipment Repaix GNAS Caretaker 11,774
Insurance GNAS Caretaker 8,079
19,853 I
Trust and Agency Funds
Police Pension General Obligation Bond Anticipation I
Bond Series of 1995 3988
Firefighter's Pension General Obligation Bond Anticipation
Bond Series of 1995 1,857 I
Special Service Areas Corporate Purpose Bond Series of 1989 1,482
$ 9.438.334
Advances From/To Other Funds I
Receivable Fund Payable Fund Amount
Capital Projects I
Capital Projects Sewerage $ 233r728
Enterprise I
Waterworks Capital Projects 319,615
Capital Equipment Replacement 418,847
143r821 I
Sewerage Capital Equipment Replacement
882~283
$ 1Al6,011 I
(Continued) I
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 11 - SEGMENT INFORMATION - ENTERPRISE FUNDS
The Government maintains the following enterprise funds which are intended to be self~
supporting through user fees charged for services to the public. Financial segment information
as of the date of this report and for the fiscal year is as follows:
Commuter
Wholesale Parking
Waterworks Water Sewerage Lo~t Totals
Operating revenues $ 6,08~,267 1,283,667 $ 840,415 $ 103,199 $ 8,314,548
Depreciation and amortization
expense 352,613 62,816 93,093 5,252 513,774
Operating income (loss) 1,697,444 288,876 369,789 (30,339) 2,325,770
Operating transfers in
Operating transfers out (704,142) (1,644) (161,884) (867,670)
Net income (loss) 882,980 115,627 220,628 (26,918) 1,192,317
Current capital contributions
Current capital transfers
Plant, property, and equipment
Additions 196,469 387,070 583,539
Deletions
Total assets 17,178,787 3,567,161 4,203,925
224,695
25,174,568
Net working capital 3,066,063 967,955 337,922 137,876 4,509,816
Bonds and other long-term
liabilities
Payable from operating
revenues 2,478,800 2,705,000 5,183,800
Payable from other sources
Total equity 14,062,275 623,416 3,945,197 224,576 18,855,464
(Continued)
33
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 12 - CONTRIBUTED CAPITAL
During the current year, contributed capital increased by the following amounts:
Waterworks Sewerage Totals
Increases $ $ $
Decreases
Net Increases
Contributed Capital
January 1 2r386t154 891f089 3~277~243
December 31 ~ ~; ~91.089
NOTE 13 - FUND EQUITY
Restatements - Duxing the year, the following restatements were made:
The General Fund for 1994 has been restated to correct an error in accounting for a deposit.
The effect of the restatement was to decrease fund balance by $97,749.
The Refuse and Recycling Fund for 1994 has been restated to correct an error in accounting
for a prepaid expense. The effect of the restatement was to decrease fund balance by
$102,582.
The Insurance Fund for 1994 has been restated to correct an error in recording an income
from an investment in a public entity risk pool. The effect of the restatement was to
decrease retained earnings by $101,379.
Prior Period Adjustments - During the year, the following prior period adjustments were
made:
Fund balance for the Corporate Purpose Bond Series of 1991 and retained earnings for the
Waterworks Fund have been adjusted by $(246,114) and $397,314, respectively, to correct an
error in accounting for the allocation of prior years' principal and interest payments on the
1991 bonds. The effect of the adjustment was to decrease fund balance and increase
interfund liability by $246,114 in the Corporate Purpose Bond Series of 1991 and, in the
Waterworks Fund, to decrease bonds payable by $151,200, increase interfund receivable by
$246,114, and increase retained earnings by $397,314.
Retained Earnings for the Insurance Fund has been adjusted by $(575,838) to correct an
error in accounting for claims payable for 1993 of $193,783, and to correct an error in
accounting for an investment in public entity risk pool-HELP of $382,055. The effect of the
adjustments was to decrease retained earnings by $575,838.
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 13 - FUND EQUITY (Continued)
Prior Period Adjustments (Continued)
Fund Balance for the Fire Pension Fund has been adjusted by $(509,334) to correct for an
error in accounting for the gain in the sale of investments for 1993. The effect of the
adjustment was to decrease both investments and fund balance by $509,334.
NOTE 14 - CONTINGENT LIABILITIES
Litigation: The Government is a defendant in various lawsuits. Although the outcome of
these lawsuits is not presently determinable, in the opinion of the Government's attorney the
resolution of these matters will not have a material adverse effect on the financial condition of
the Government.
Grants: Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the federal government. Any disallowed claims,
including amounts already collected, may constitute a liability of the applicable funds. The
amount, if any, of expenditures which may be disallowed by the grantor cannot be determined
at this time although the Government expects such amounts, if any, to be immaterial.
High-Level Excess Liability Pool (HELP): The Government's agreement with the High-Level
Excess Liability Pool provides that each member proportionate any
liable
for
its
share
of
costs arising from defaults in payment obligations by other members.
Waste of Northern Cook (SWANCC): The Government's contract with
Solid
Agency
County
the Solid Waste Agency of Northern Cook County provides that each member is liable for its
proportionate share of any costs arising from defaults in payment obligations by other
members.
NOTE 15 VENTURES
JOINT
Regional Emergency Dispatch Center
Description of Joint Venture
The Regional Emergency Dispatch Center is a governmental joint venture used to account for
the resources involved in dispatching fire and medical emergency services to a seven
community area. This fund is supported by contributions fTom the seven member
departments. As of December 31, 1995, the Regional Emergency Dispatch Center served the
fire departments of:
(Continued)
35
VILLAGE OF GLENVIEW, ILLINOIS I
Notes to Financial Statements
December 31, 1995 I
!
NOTE 15 - JOINT VENTURES (Continued)
Regional Emergency Dispatch Center (Continued) I
Description of Joint Venture (Continued)
Village of Glenview
Village of Morton Grove
Village of Niles
Village of Northbrook
North Maine Fixe Protection District
Prospect Heights Fire Protection District
Village of Wheeling
Management consists of a Board of Di~ctors comprised of one appointed representative from I
each member. In addition, day to day operations are administered by the Fire Chiefs of each
member district.
The Government does not exerdse any control over the activities of the Center beyond its I
representation on the Board of Directors.
Summary Financial Information of Joint Venture I
The latest available financial statements of the Center, dated December 31, 1995, show the
following: Government's I
Total
Total Assets ~ $ 105.645 I
Total Liabilities 117,223 37,629
Total Equity 211,888 68~016 I
Total Liabilities and Equity ~. 105.645
Total Revenues ~ '~ I
Total Expenditures 750380
Initial contributions are determined in advance of each membership year based on the I
population within each member's district.
Complete firuancial statements can be obtained from the Regional Emergency Dispatch System, I
1815 Glenview Road, Glenview, Illinois, 60025. Total payments made to the R.E.D. System
totaled $769,208 for the year. I
(Continued) I
36
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 15 - IOINT VENTURES
Solid Waste Agency of Northern Cook County (SWANCC):
Description of Joint Venture
The Government is a member of the Solid Waste Agency of Northern Cook County (the
"Agency") which consists of twenty-three municipalities. The Agency is a municipal
corporation and public body politic and corporate established pursuant to the Constitution of
the State of Illinois and the Intergovernmental Cooperation Act of the State of Illinois, as
amended, (the "Act"). The Agency is empowered under the Act to plan, construct, finance,
operate and maintain a solid waste disposal system to serve its members.
The members of the Agency and their percentage shares based on formulae contained in the
Agency agreement as of April 30, 1995 are:
% %
Share Share
Arlington Heights 10.13% Mount Prospect 8.86%
Barrington 1.40 Niles 2.61
Buffalo Grove 5.90 Palatine 12.33
Elk Grove Village 4.57 Park Ridge 4.10
Evanston 7.28 Prospect Heights 1.11
Glencoe 1.20 Rolling Meadows 2.74
Glenview 5.85 Skokie 5.54
Estates 6.17 South Barrington .64
Hoffman
Inverness 1.52 Wheeling 4.63
Kenilworth .92 Wilmette 4.05
Lincolnwood 1.87 Winnetka 3.80
Morton Grove 2.78
100.00%
These percentage shares are based on waste estimates for the year 2003 and cannot be changed
for the term of the Agency Agreement.
The members form a contiguous geographic service area which is located northwest of
downtovrn Chicago. Under the Agency Agreement, additional members may join the Agency
upon approval each member.
the
of
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 14 - JOINT VENTURES (Continued)
Solid Waste Agency of Northern Cook County (SWANCC): (Continued)
Description of Joint Venture (Continued)
The Agency is governed by a Board of Directors which consists of one appointed Mayor or
President from each member murdcipality. Each Director has an equal vote. The officers of the
Agency are appointed by the Board of Directors. The Board of Directors determines the
general po]icy of the Agency, makes all appropriations, approves contracts, adopts resolutions
providing for the issuance of Bonds or Notes by the Agency, adopts by-laws, rules and
regulations, and exercises such powers and performs such duties as may be prescribed in the
Agency Agreement or the by-laws.
Summary of Financial Information of Joint Venture
Summary of Financial Position as of April 30, 1995:
Assets Liabilities and Fund Equity
Current assets Current liabilities
Cash and investments $ 27,878 Accounts payable $ 457,512
Receivables and other 691 343 Accrued interest payable 1,869,792
719,221 Retainage payable 383,327
Deferred revenue 913,782
Deferred interest income 157,588
3,782.001
Restricted assets Long-term liabilities
Cash and investments 13,850,297 Bonds payable (net of
Accrued interest receivable 137.882 discount) 58.526.288
13.988.179
Fixed assets 46,982,313
Accumulated depredation (741 322) Total liabilities ~
Other assets
Unamortized bond Fund equity
issuance cost 1,149,681 Contributed capital 4,723,340
Retained earnings (4,933,557)
Total fund equity (210217)
Total liabilities
Total assets $ 62.098.072 and fund equity ~z_..6Z,i~I~.,I)~Z
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 15 - JOINT VENTURES (Continued)
Solid Waste Agency of Northern Cook County (SWANCC): (Continued)
Summary of Financial Information of Joint Venture (Continued)
The agency's outstanding bonds are revenue obligations. They are limited obligations of
SWANCC with a claim for payment solely from and secured by a pledge of the revenues of the
system and amounts in various funds and accounts established by agency resolutions. The
bonds are not the debt of any member. The agency has no power to levy taxes.
Revenues of the system consist of (1) all receipts derived from solid waste disposal contracts or
any other contracts for the disposal of waste; (2) all income derived from the investment of
monies; and (3) all income, fees, service charges and all grants, rents and receipts derived by
agency ownership and operation of the system. The agency covenants to establish
the
from
the
fees and charges sufficient to provide revenues to meet all its requirements.
Complete financial statements can be obtained from the Solid Waste of Northern Cook
Agency
County, 1616 E. Golf Road, Des Plaines, Illinois 60016.
The Government made $576,586 in payments to the Agency for the year ended December 31,
1995.
NOTE 16 - DEFERRED COMPENSATION PLAN
The Government offers its employees a deferred compensation plan created in accordance with
Internal Revenue Code Section 457. The plan, available to all Government employees, permits
them to defer a portion of their salary until future years. Participation in the plan is optional.
The deferred compensation is not available to employees until termination, retirement, death or
unforeseeable emergency. All amounts of compensation deferred under the plan, all property
and rights purchased with those amounts, and all income attributable to those amounts,
property, or rights are (until paid or made available to the employee or other beneficiary) solely
the property and rights of the Government subject only to the claims of the Government's
general creditors. Participants' rights under the plan are equal to those of general creditors of
the Government in an amount equal to the fair market value of the deferred account for each
participant.
It is the opinion of the Government's legal counsel that the Government has no liability for
losses under the plan but does have the duty of due care that would be required of an ordinary
prudent investor. The Government believes that it is unlikely that it will use the assets to
satisfy the clalrrls of general creditors in the future.
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 17 - POSTEMPLOYMENT BENEFITS
In addition to providing pension benefits described, the Government provides
postemployment health care benefits for retired public safety employees. Substantially all of
the Government's public safety employees may become eligible for those benefits if they reach
normal retirement age while working for the Government. The cost of retiree health care and
life insurance benefits is recognized as an expenditure as claims are paid. For the fiscal year
those costs total $132,838. The retirees pay an annual premium which is equal to the
actuariaily determined cost for each plan year. Accordingly, no liability has been recorded for
post-retirement health care benefits.
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS
Plan Descriptions and Provisions:
Illinois Municipal Retirement
The Government contributes to the Illinois Municipal Retirement Fund ("IMRF"), a defined
benefit agent multiple-employer public employee retirement system that acts as a common
investment and administrative agent for local governments and school districts in Illinois. The
Government's total payroll for the year ended December 31, 1995, was $13,577,676. Of this
amount, $6,977,866 in payroll earnings were reported to and covered by the IMRF system.
All employees h~ed in positions that meet or exceed the prescribed annual hourly standard
must be enrolled in IMRF as participating members. Pension benefits vest after eight years of
service. Participating members who retire at or after age 60 with 8 years of service are entitled
to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3 percent
of their final rate (average of the highest 48 consecutive months' earnings during the last 10
years) of earnings, for each year of credited service up to 15 years, and 2 percent for each year
thereafter. IMRF also provides death and disability benefits. These benefit provisions and all
other requirements are established by Illinois Compiled Statutes.
Participating members are required to contribute 4.5 percent of their annual salary to IMRF.
The Government is required to contribute the remaining amounts necessary to fund the
coverage of its own employees in the System, using the actuarial basis specified by compiled
statute (entry age normal); for 1995 the rate was 9.92 percent.
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Plan Descriptions and Provisions: (Continued)
Police Pension
Police sworn personnel are covered by the Police Pension Plan which is a defined benefit
single-employer pension plan. Although this is a single-employer pension plan, the defined
benefits and employee and employer contributions levels are governed by Illinois Compiled
Statutes (Chapter 40 - Article 5/3) and may be amended only by the Illinois legislature. The
Government accounts for the plan as a pension trust fund. The Government's payroll for
employees covered by the Police Pension Plan for the year ended December 31, 1995 was
$3,209,144 out of a total payroll of $13,577,676. At December 31, 1995, the Police Pension Plan
membership consisted of:
Retirees and beneficiaries currently receiving benefits
and terminated employees entitled to benefits but not
yet receiving them 26
Current employees
Vested 42
Nonvested 20
Total 88
The following is a summary of the Police Pension Plan as provided for in Illinois Compiled
Statutes.
The Police Pension Plan provides retirement benefits as well as death and disability benefits.
age or more 20 or more years of creditable service are
Employees
attaining
the
of
50
entitled to receive an annual retirement benefit of one-half of the salary attached to the rank
held on the last day of service, or for one year prior to the last day, whichever is greater. The
pension shall be increased by 2% of such for each additional
salaFy
year
service
over
20
years
up to 30 years, and 1% of such salary for each additional year of service over 30 years, to a
maximum of 75% of such salary. Employees with at least 8 years but less than 20 years of
credited service retire at or after 60 and receive reduced
may
age
a
benefit.
The monthly pension of a police officer who retired with 20 or more years of service after
January 1, 1977 shall be increased annually, the first
following
anniversary
date
of
and be paid upon reaching the age of at least 55 years, by 3% of the original pension and 3%
simple interest annually thereafter.
(Continued)
41
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Plan Descriptions and Provisions: (Continued)
Police Pension (Continued)
Covered employees are required to contribute 9% of their base salary to the Police Pension
Plan. If an employee leaves covered employment with less than 20 years of service,
accumulated employee contributions may be refunded without accumulated interest. The
Government is required to contribute the remaining amounts necessary to finance the plan as
actuarially determined by an enrolled actuary. By the year 2033 the Government's
contributions must accumulate to the point where the past service cost for the Police Pension
Plan is fully funded.
Firefighters' Pension
Fire sworn personnel are covered by the Firefighters' Pension Plan which is a defined benefit
single-employer pension plan. Although this is a single-employer pension plan, the defined
benefits as well as the employee and employer contributions levels are mandated by Illinois
Compiled Statutes (Chapter 40 - Article 5/4) and may be amended only by the Illinois
· The Government's
legislature. The Government accounts for the plan as a pension trust fund.
payroll for employees covered by the Firefighters' Pension Plan for the year ended
December 31, 1995 was $4,057,006 out of a total payroll of $13,577,676. At December 31, 1995
the Firefighters' Pension Plan membership consisted of:
Retirees and beneficiaries currently receiving benefits
and terminated employees entitled to benefits but not 27
yet receiving them
Current employees 52
Vested 32
Nonvested
Total 111
The following is a summary of the Firefighters' Pension Plan as provided for in Illinois
Compiled Statutes.
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Plan Descriptions and Provisions: (Continued)
Firefighters' Pension (Continued)
The Firefighters' Pension Plan provides retirement benefits as well as death and disability
benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service
are entitled to receive a monthly retirement benefit of one-half of the monthly salary attached
to the rank held in the fire service at the date of retirement. The monthly pension shall be
increased by one-twelfth of 2% of such monthly salary for each additional month over 20 years
of service through 30 years of service and one-twelfth of 1% of such monthly service for each
additional month over 30 years of service, to a maximum of 75% of such monthly salary.
Employees with at least 10 years but less than 20 years of credited service may retire at or after
age 60 and receive a reduced retirement benefit. The monthly pension of a firefighter who
retired with 20 or more years of service after January 1, 1977 shall be increased annually,
following the first anniversary date of retirement and paid upon reaching at least the age 55, by
3% of the original pension and 3% annually thereafter.
Covered employees are required to contribute 8 1/4% of their salary to the Firefighters'
Pension Plan. If an employee leaves covered employment with less than 20 years of service,
accumulated employee contributions may be refunded without accumulated interest. The
Government is required to contribute the remaining amounts necessary to finance the plan as
actuarially determined by an enrolled actuary. By the year 2033 the Government's
contributions must accumulate to the point where the past service cost for the Firefighters'
Pension Plan is fully funded.
Summary of Significant Accounting Policies and Plan Asset Matters:
Basis of Accounting - The financial statements are prepared using the accrual basis of
accounting. Employee and employer contributions are recognized as revenues in the period in
which employee services are performed.
Method Used to Value Investments - Fixed-income securities are reported at amortized cost
with discounts or premiums amortized using the effective interest rate method, subject to
adjustment for market declines judged to be other than temporary (lower of cost or market).
Investment income is recognized as earned. Gains and losses on sales and exchanges of fixed-
income securities are recognized on the transaction date. Equity securities are reported at cost
subject to adjustment for market declines judged to be other than temporary (lower of cost or
market).
Significant Investments - There are no investments (other than U.S. government and U.S.
government-guaranteed obligations) in any one organization that represent 5 percent or more
of net assets available for benefits.
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 18 -EMPLOYEE RETIREMENT SYSTEMS (Continued)
Funding Status and Progress:
The amount shown below as the "pension benefit obligation" for the IMRF Plan is a
standardized disclosure measure of the present value of pension benefits, adjusted for the
· ' to be payable in the future
effects of projected salary increases and step-rate benefits, estn'nated
as a result of employee service to date. The measure is intended to help users assess the
funding status of the system on a going-concern basis, assess progress made in accumulating
sufficient assets to pay benefits when due, and make comparisons among employers. The
measure is the actuarial present value of credited projected benefits and is independent of the
funding method used to determine contributions to the System.
The amount shown below as the "pension benefit obligation" for the Police Pension Plan and
the Firefighters' Pension Plan is a substitute disclosure measure (entry age normal), the
actuarial accrued liability of the present value of pension benefits, adjusted for the effects of
projected salary increases and step-rate benefits, estimated to be payable in the future as a
result of employee service to date. This substitute disclosure measure is intended to help users
assess the funding status of the system on a going-concern basis, assess progress made in
accumulating sufficient assets to pay benefits when due, and make comparisons among othe. r
employers using the substitute disclosure method· The substitute disclosure measure ~s
independent of the funding method used to determine contributions to the System.
Illinois Municipal Police Firefighters'
~Retirement .Pension _Pension
Actuarial valuation date December 31, 1995 January 1,1995 January 1, 1995
Significant actuarial assumptions
a) Rate of return on investment 7.50% compounded 8.00% compounded 8.00% compounded
of present and future assets annually annually annually
b) Projected salary increases - 4.25% compounded ] 5.5% compounded 5.5% compounded
attributable to inflation annually ] annually annually
I
c) Additional projected 6% to 6 8% ] (Note - separate information
salary increases -
attributable to depending on age and ] for b) and c) not available)
seniority/merit service attributable to ]
seniority and merit
d) Post-retirement benefit increases 3.00% compounded 3.00% compounded 3.0~o compounded
annually annually annually
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Funding Status and Progress: (Continued)
Illinois Fire- Totals
Municipal Police fighters' (Memorandum
Retirement Pension Pension Only)
Pension benefit obligation
Retirees and beneficiaries
currently receiving
benefits and terminated (Note A) (Note B) (Note B)
employees not yet
receiving benefits $ 1,195,890 $ 5,721,054 $ 6,551,742 $ 13,468,686
Current employees
Accumulated employee
contributions including
allocated investment
earnings 3,225,227 2,496,555 2,915,952 8,637,734
Employer - financed vested 6,444,725 5,463,283 8,327,606 20,235,614
Employer - financed nonvested 764,293 1.438.163 2.065.835 4,268,291
Total pension benefit
obligation 11,630,135 15,119,055 19,861,135 46,610,325
Net assets available for benefits 10,863,388 14,823.582 26.921,541 52.608.511
(Market values)
(IMRF $ 10,974,951
(Police 15,036,546
(Firefighters' 27.430,876
(Totals
Unfunded (assets in excess of)
pension benefit obligation ~; 766.747 ~ ~95.473 ~ (7.060.406) ~; (5.998.186)
(Note A) The pension benefit obligation applicable to retirees and beneficiaries currently
receiving benefits is not included in the above schedule due to the fact that this
obligation was transferred from the Government to IMRF as a whole when the
annuity became payable.
(Note B) The "pension benefit obligation" applicable to the Plan is the actuarial accrued
liability, a substitute disclosure measure.
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Funding Status and Progress: (Continued)
Effects on the Pension Benefit Obligation of Current-Year Changes
Illinois Municipal Retirement: There were no current-year changes in the actuarial
assumptions, benefit provisions and methodology in the pension benefit obligation shown
above from the previous year.
Police Pension: There were no current-year changes in the actuarial assumptions, benefit
provisions and methodology in the pension benefit obligation shown above from the previous
year.
Firefighter's Pension: There were no current-year changes in the actuarial assumptions, benefit
provisions and methodology in the pension benefit obligation shown above from the previous
year.
Contributions Required and Contributions Made
Illinois Municipal Retirement, Police Pension, and F~reflghte s Pension
'in
The Systems fund g policy provides for actuarially determined periodic contributions at rates
that, for individual employees, accumulate assets gradually over time so that sufficient assets
will be available to pay benefits when due. The rate for the Government's employee group as a
whole has tended to remain level as a percentage of annual covered payroll. The contributions
rate for normal cost is determined using the entry age normal actuarial funding method. The
IMRF System used for level percentage of payroll method, while the Police Pension and
liabilityFisefighterS'over PensiOna 40 yearSystemSperiod, used a level dollar amount method to amortize the unfunded
The significant actuarial assumptions used to compute the actuarially determined contribution
requirements are the same as those used to compute the pension benefit obligation as
described above.
(Continued)
46
VILLAGE OF ILLINOIS
GLENVIEW,
Notes to Financial Statements
December 31, 1995
NOTE 18 o EMPLOYEE RETIREMENT SYSTEMS (Continued)
Contributions Required and Contributions Made (Continued)
Illinois Fire- Totals
Municipal Police fighters' (Memorandum
Retirement Pension Pension Only~
Actuarial valuation date December 31, January 1, January 1,
1995 1995 1995
Actuariatly determined con~xibution
requirement
As a dollar amount
Employer
Normal cost $ 503,802 $ 313,764 $ 491,424 $ 1,308,990
Amortization of unfunded
actuarial accrued liability 122,113 52,752 (292,840) (117,975)
Death and disability cost 23,027 23,027
Supplemental retirement benefit 43.26,3 43.263
692,205 366,516 198,584 1,257,305
Employee - normal cost 314.004 288.823 334.703 9375,30
As a % of current covered payroll
Employer
Normal cost 7.22% 9.78% 12.11% 9.19%
Amortization of unfunded
actuarial accrued liability 1.75 1.64 (7.22) (.83)
Death and disability cost .33 .16
Supplemental retirement
benefit .62 ,30
9.92 11.42 4.89 8.82
Employee - normal cost 4.50 9.00 8.25 6.58
.~d~2~% 2o42% ..~2~% 15.40%
Contribulion made
As a dollar amount
Employer $ 692,205 $ 396,439 $ 267,750 $ 1,356,394
Employee 314,004 288.823 334.70,3 937330
As a % of current covered payroll
Employer 9.92% 12.35% 6.60% 9.52%
Employee 4.50 9.00 8.25 6.58
~ ~ ..~5% ~ 4.~% ~
(Continued)
47
VILLAGE OF GLENVIEW, ILLINOIS
Notes to Financial Statements
December 31, 1995
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Contributions Required and Contributions Made (Continued)
Effects on the Contribution Requirements of Current-Year Changes
Illinois Municipal Retirement, Police Pension, Firefighters' Pension
There were no current year changes in actuarial assumptions or benefit provisions.
Trend Information: Trend information gives an indication of the progress made in
accumulating sufficient assets to pay benefits when due. Trend information may be found in
the supplemental sechon of the Governme t s annual financial report.
For Illinois Totals
Fiscal Municipal Police Firefighters' Memorandum
Year Retirement Pension Pension Only)
Net assets available for benefits
as a % of the pension benefit 1993 78.45 98.62 131.64 107.63%
obligation (PBO) 1994 79.83 97.44 138.60 112.12
1995 93.41 98.05 135.55 112.87
Unfunded (assets in excess of) PBO
% of annual covered payroll
as
a
(expressing the unfunded pension
benefit obligation as a percentage
of annual covered payroll approx-
imately adjusts for the effects of 1993 32.02 6.11 (134.67) (22.59)
inflation for analysis purposes) 1994 30.83 11.87 (213.70) (39.70)
1995 10.99 9.21 (174.03) (42.11)
Employer contributions
As a % of annual covered payroll 1993 14.92 8.56 2.94 7.81
1994 10.42 12.71 7.48 1021
1995 9.92 12.35 6.60 9.52
Required 1993 640,070 333,146 283,949 1,257,165
1994 683,868 349,352 162,710 1,195,930
1995 692,205 366,516 198,584 1,257,305
Made 1993 640,070 247,148 109,670 996,888
1994 683,868 383,600 244,063 1,311,531
1995 692,205 396,439 267,750 1,356,394
GENERAL FUND
The General Fund, also referred to as the Corporate Fund, is used to account for resources
traditionally associated with governmental services not required to be accounted for in
another fund.
VILLAGE OF GLENVIEW, ILLINOIS
General F~md
Balance Sheet
December 31, 1995 and 1994
1995 1994
ASSETS
Cash and investments $ 4,064,532 $ 4,948,807
Receivables
Taxes
Property taxes 3,755,037 3,744,904
Sales tax 762,111 754,002
317,413
270,260
Income tax
Utility taxes 313,976 289,790
Accounts 118,722 526,403
Other 3,165 72,149
Due from other funds 2,869,707 1,555,178
Prepaid items 5,356 10,756
Investment in land held for resale 725,000 725,000
Total assets $ 12,935,019 $ 12,897,249
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable $ 116,910 $ 63,490
Accrued payroll 41,653 27,257
Compensated absences payable 660,186 440,101
Due to other funds 1,137,082 449,066
Other payables 29,924
Deferred revenues 3,755,037 3,735,626
Total liabilities 5,740,792 4,715,540
Fund balance
Reserved for prepaid items 5,356 10,756
Reserved for land held for resale 725,000 725,000
Unreserved
Designated for surcharge receipts 1,472,048 2,222,048
Undesignated 4,991,823 5,223,905
7,194,227
8,181,709
Total fund balance
Total liabilities and fund balance $ 12,935,019 $ 12,897,249
See accompanying notes to financial statements.
49
VILLAGE OF GLENVIEW, ILLINOIS
General Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended December 31, 1995 and Actual Only for 1994
1995 1994
Budget Actual Actual
Revenues
Taxes $ 14,591,910 $ 14,831,136 $ 14,081,262
Licenses and permits 1,040,950 958,658 1,054,726
Intergovernmental 2,153,003 1,441,503 1,965,102
Charges for services 806,835 722,408 718,494
Fines and forfeits 290,000 207,433 226,415
Interest 197,700 174,561 105,601
Miscellaneous 50,000 44,512 44,975
Total revenues 19,130,398 18,380,211 18,196,575
Expenditures
General government 3,782,736 3,808,518 3,725,026
Public safety 10,577,509 10,298,562 9,641,425
Highways and streets 3,694,998 3,573,406 3,348,927
Total expenditures 18,055,243 17~680,486 16,715,378
Excess of revenues over expenditures 1,075,155 699,725 1,481,197
Other financing sources (uses)
Operating transfers in
Escrow Deposit Fund 144,000 249,522 142,414
Operating transfers (out)
Capital Equipment
Replacement (773,593) (765,685) (678,927)
Fund
Capital Projects Fund (351,000) (1,098,000) (878,000)
Police Pension Fund (32,037) (32,037) (29,835)
Firefighters' Pension Fund (41,007) (41,007) (39,669)
GNAS Caretaker Fund (70~30)
(1,053,637) (1,687,207) (1~554,817)
Excess (deficiency) of revenues and
other financing sources over
expenditures and other financing uses $ 21,518 (987,482) (73,620)
Fund balance
January 1 - as restated 8,181,709 8,255,329
December 31 $ 7F194,227 $ 8,181t709
I See accompanying notes to financial statements.
50
VILLAGE OF GLEN'VIEW, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual
Year Ended December 31, 1995 and Actual Only for 1994
1995 1994
l~udEet Actual Actual
Taxes
Property taxes - current $ 3,549,810 $ 3,522,602 $ 3,691,228
Property taxes - prior 62,783 57,150
Replacement taxes 65,000 89,502 69,273
Sales tax 4,400,000 4,843,071 4,438,932
Utility tax 3,260,100 2,935,696 2,512,867
Illinois income tax 2,300,000 2,266,279 2,157,707
Road and bridge 128,000 135,789 138,461
Franchise taxes 289,000 355,268 263,.597
Road and bridge - prior 1,462 1,701
Hotel room tax 600,000 618,684 589,206
Income tax surcharge 161t140
14,591,910 14,831,136 14t081e262
Licenses and permits
Motor vehicle 440,000 403,655 4~4,946
Business 55,000 53,042 79,059
75,500 84,850 70,950
Liquor
Pet 5,700 5,870 5,315
Buildings 331,200 294,469 343,655
Electrical inspection 35,100 30,060 33,825
Plumbing and sewer 35,000 27,805 31,082
Plan review and elevator inspection 57,950 53,007 49,107
Driveway permits 5r500 5~900 6t787
1,040~950 958~658 1,054~726
Intergovernmental
Glenbrook Fire Protection District 1,972,583 1,243,933 1,781,710
Federal and state grants 50,000 22,669 24,519
Other 130~420 174~901 158~873
2,153,003 1~441,503 1~965t102
Charges for services
Administration 635,835 586,515 594,629
Engineering fees 85,000 49,380 31,979
Contractor's fees 45,000 45,155 45,730
Unclassified public works service 15,000 10,957 14,399
Other current service charges 26,000 30,401 31,757
806,835 722~408 718f494
(Continued)
51
VILLAGE OF GLENVIEW, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual
Year Ended December 31, 1995 and Actual Only for 1994
1995 1994
Fines and forfeits $ 290~000 $ 207~4~33 $ 226r415
Interest 197~700 174t561 105,601
Miscellaneous
Bank charges 2,352
P.C. expansion and training 20,000
Other 50,000 44,512 22~623
50,000 440512 44,975
Total revenues $ 19,130,398 $ 18,380,211 $ 18,196,575
I
1
I
I
I
I
I
VILLAGE OF GLENVIEW, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995
Budget Actual
General government
Board of Trustees $ 22,840 $ 20,995
Special board 147,360 135,434
Legal and insurance 316,100 375,947
Emergency Service Disaster Agency 5,980 5,948
Village manager 434,426 428,830
Finance 655,087 663,925
Municipal building and grounds 174,512 158,036
Personnel and insurance 2,026,431 2,019,403
3,782,736 3,808,518
Public safety
Police department 5,055,205 5,040,644
Fire department 5,470,404 5,211,640
Printing 51,900 46,278
10,577,509 10,298,562
Highways and streets
Development and public services
Administration 205,231 208,161
Planning and zoning 111,346 123,136
Engineering 455,762 440,275
Public health 196,404 142,646
Public works - administration 238,375 228,748
Public works - overhead 748,656 703,650
Public works - street maintenance 296,281 342,000
Public works - traffic 243,438 201,637
Public works - storm water management 120,575 99,842
Public works - snow and ice control 251,617 260,946
Public works - forestry 172,900 166,256
Public works - grounds 130,971 133,971
Building inspection 523,442 522,138
3,694,998 3,573,406
Total expenditures $ 18,055,243 $ 17,680,486
(Continued)
53
VILLAGE OF GLENVIEW,
ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995
Budget Actual
General government
Board of Trustees
Regular salaries $ 3,000 $ 3,000
Training 1,000
Trustee expense 15,540 15,317
Operational material and supplies 3,300 2,678
22,840 20,995
Special board
Contractual services 146,360 135,383
Materials and supplies 1,000 51
147,360 135,434
Legal and insurance
Contractual and professional services 66,400 38,408
Books 3,400
2,164
Dues, subscriptions, and memberships 450 498
Village Attorney retainer 41,100 42,750
Prosecutor retainer 29,750 30,950
Outside litigation 175,000 261,177
316,100 375,947
Emergency Service Disaster Agency
Telephone and telegraph 1,000 990
Maintenance of equipment 2,580 2,988
Office supplies 200 102
Books, pamphlets, and materials 200 159
Materials and supplies 500 558
Contingencies 1,000 788
Small tools 500 363
5,980 5,948
Village Manager
Regular salaries 320,632 340,377
salaries 16,000 6,937
Temporary
Longevity pay 1,900 1,900
Contractual professional services 1,500 417
Printing, binding, and publication
11,900
1,077
Postage 37,000 37,567
Dues, subscriptions, and memberships 21,185 17,426
(Continued)
VILLAGE OF GLENVIEW, ILLINOIS
Genera! Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995
Budget Actual
General government (Continued)
Village Manager (Continued)
Maintenance of equipment $ 1,550 $ 246
Travel expense 7,310 7,846
Training expense 1,600 1,390
Books, pamphlets, and materials 300 63
Operational material and supplies 800 353
Computer supplies 1,100 802
Equipment repairs 3,349 6,588
Equipment replacement 6,000 6,000
3,800
5,841
Machinery or equipment
Furniture and fixtures 4,500
440,426 434,830
Less transfer to Capital Equipment
6,000 6,000
Replacement Fund
434,426 428,830
Finance
Regular salaries 433,327 410,879
Overtime salaries 750 887
Temporary salaries 28,000 31,401
Longevity pay 4,650 4,558
Contractual professional services 39,715 54,449
Printing, binding, and publication 29,000 27,904
Postage 7,000 4,342
Dues, subscriptions, and memberships 1,645 1,092
Telephone and telegraph 25 185
Car allowance 300
Maintenance of equipment 14,175 17,150
Rentals 37,400 37,207
Travel expense 5,000 3,907
1,500 1,392
Training
expense
Office supplies 25,500 31,469
Reimbursable expense 6,230
300
218
Books, pamphlets, and materials
Computer supplies 5,000 5,000
(Continued)
55
I VILLAGE OF GLENVIEW, ILLINOIS
i General Fund
Schedule of Expenditures - Budget and Actual
i Year Ended December 31, 1995
I Budget Actual
General government (Continued)
I Finance (Continued)
Other operating expense $ 1,000 $ 964
Bank charges 800 4,297
I P.C. expansion 13,000 12,796
Machinery and equipment 7,000 7,598
655,087 663,925
I Municipal building and grounds
Temporary salaries 24,212 578
Power and ilght 150
I 18,000 9,597
Heating
Postage 26,000 16,184
Telephone 25,000 29,122
I Maintenance of equipment 20,700 26,629
Maintenance of buildings 12,250 19,727
i Rentals 10,500 10,412
Cleaning and household supplies 5,000 2,305
Maintenance materials - buildings 10,800 20,665
i Small tools and equipment 300 156
Employee welfare 4,600 3,728
Buildings and improvements 17,900 18.933
174,512 158,036
I Personnel
Contractual professional services 23,500 23,417
I Public safety selection and promotion 3,000 3,400
Wellness program 10,000 1,544
Printing, binding, and publications 1,800 2,815
I Dues, subscriptions, and memberships 590 770
Safety program 3,500 290
Travel 400 45
I Training expense 24,000 25,457
Books, pamphlets and materials 1,000 662
Employee welfare 8,450 10,812
I Insurance 1,950,191 1,950,191
2,026,431 2,019,403
I general government 3,782,736 3,808,518
Total
I (Continued)
56
I
VILLAGE OF GLENVIEW, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995
Budget Ac~al
Public safety
Police department
Regular salaries $ 3,893,723 $ 3,949,563
Overtime salaries 70,200 80,817
Overtime hire back 57,800 87,632
Overtime court time 75,900 81,568
4,200
1,782
Overtime training
Overtime extra detail 12,316
Temporary salaries 142,500 110,520
Holiday pay 109,515 99,101
Longevity pay 41,350 40,723
Contractual professional services 91,500 93,393
Printing, binding, and publication 9,000 6,045
Heating 7,000 4,129
Postage 5,000 3,049
Telephone 24,000 14,050
Dues and subscriptions 3,380 2,776
Maintenance of equipment 72,700 54,454
Maintenance of buildings 2,900 1,527
Rentals 14,350 12,717
Travel expenses 5,280 6,565
Office supplies 4,250 4,538
Books, pamphlets, and materials 7,000 6,683
Training 54,537 46,946
Uniform allowance 64,550 66,643
Cleaning and household supplies 3,500 4,263
Maintenance materials - buildings 3,600 306
Operating materials and supplies 25,600 22,639
Computer supplies 69
P.C. expansion/training 15,500 15,158
Employee welfare 7,500 7,050
Equipment repairs 188,970 166,452
Machinery and equipment 22,700 26,721
Furniture and fixtures 1,200 865
(Continued)
57
VILLAGE OF GLENVIEW, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Public safety (Continued)
Police depa~'h~ent (Continued
Vehicles $ 26,000 $ 9,584
Equipment replacement 255,968 248,060
5,311,173 5,288,704
Less transfer to Capital Equipment
Replacement Fund 255,968 248,060
5,055,205 5,040,644
Fire department
Regular salaries 4,186,052 4,114,419
Overtime administrative 1,000 6,712
Overtime acting company officer 12,000 14,463
Overtime call back 25,750 26,535
Overtime hire back 154,875 70,910
Overtime apparatus repair 4,000 5,670
Overtime fire prevention 1,000 5,128
Overtime public education 19,600 14,578
Overtime emergency medical service 42,000 20,552
Overtime hazardous material 8,000 2,282
Overtime FLSA 46,500 39,864
Overtime special rescue 5,400 4,410
Overtime dive team 11,500 6,973
Overtime training 22,300 14,465
Temporary salaries 2,000 299
Holiday pay 137,312 144,131
Longevity pay 49,700 47,984
Contractual professional services 256,000 236,297
Outside litigation 5,000 6,651
Fire selection and promotion 28,725 16,095
Printing, binding, and publication 38
Heating 12,000 6,621
Postage 1,200 954
Telephone 17,350 19,187
Dues, and 2,345 2,036
subscriptions,
memberships
Maintenance of equipment 25,550 22,769
Maintenance of buildings 24,500 20,103
(Continued)
58
VILLAGE OF GLENVIEW, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Public safety (Continued)
Fire department (Continued)
Rentals $ 5,600 $ 3,986
Travel expenses 6,150 3,782
Training 24,100 15,617
Uniform and turnouts 59,500 59,584
Office supplies 2,000 1,782
Texts and films 3,450 3,338
Motor vehicle supplies 6,000 4,529
Cleaning supplies 8,000 7,942
materials - equipment 12,000 10,611
Maintenance
Maintenance materials - buildings 10,800 8,665
Small tools and equipment 21,360 16,132
Operating materials and supplies 21,750 13,505
Computer supplies 2,000 2,208
Employee welfare 4,000 3,976
Equipment replacement 238,674 238,674
Equipment repairs 110,060 1 !7,712
Buildings / improvements to buildings 13,700 13,858
Machinery and equipment 58,275 54,287
5,709,078 5,450,314
Less transfer to Capital Equipment
Replacement Fund 238,674 238,674
5,470,404 5,211,640
Printing
Overtime salaries 500
Maintenance of equipment 500
Rentals 34,000 30,299
Maintenance materials - equipment 300 13
Operating supplies 16,000 15,339
tools and equipment 100
Small
Buildings / improvements to buildings 500 627
51,900 46,278
Total public safety 10,577,509 10,298,562
(Continued)
59
VILLAGE OF GLEN-VIEW, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Highways and streets
Development and public service
Administration
Regular salaries $ 190,775 $ 195,894
Temporary salaries 9,000 7,341
Longevity pay 550 1,000
Contractual professional services - 12
Computer supplies 150 56
Dues, subscriptions, and memberships 610 598
Maintenance of equipment 650 48
Travel 1,000 1,061
expense
Training 500 357
Office supplies 150 404
Books, pamphlets, and materials 200 138
Equipment replacement 3,700 3,700
Equipment repairs 1,646 1,252
208,931 211,861
Less transfer to Capital Equipment
Replacement Fund 3,700 3,700
205,231 208,161
Planning and zoning
Regular salaries 55,416 55,749
Contractual and professional services 30,000 47,565
Books, pamphlets, and materials 400 61
Printing, binding, and publication 16,000 11,764
Dues, subscriptions, and memberships 4,630 4,556
Travel expense 2,000 1,885
Training 1,500 599
Operational supplies 400 363
P.C. expansion 1.000 594
111,346 123,136
(Continued)
·
VILLAGE OF GLENVIEW, ILLINOIS
General Fund I
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995 1
Budget Actual I
Highways and streets (Continued)
Development and public service (Continued)
Engineering I
Regular salaries $ 384,072 $ 375,573
Overtime salaries 2,300 7,153
Temporary salaries 9,000 6,638
Longevity pay 2,800 2,163
Contractual and professional services 8,730 6,965
Printing, binding, and publication 350 244
Dues, subscriptions, and memberships 1,150 1,244
Maintenance of equipment 1,540 362 1
Travel expense 2,100 1,616
Rentals 200 270
Training 3,100 3,280 1
Uniform allowance 1,175 485
Books, pamphlets, and materials 175 ·
Operational materials 4,000 3,319
1
Computer supplies 1,000 143
Equipment replacement 14,400 14,400 ·
Equipment repairs 6,870 3,802
·
Machinery and equipment 27,200 27,018
470,162 454,675 I
Less transfer to Capital Equipment
RepLacement Fund 14,400 14,400 ·
455,762 440,275
·
Public health
Regular salaries 155,400 111,506 I
Overtime salaries 1,000 281
Temporary salaries 22,949 20,898
1,500 800
Longevity
pay
Rentals 80 56
Contractual professional services 850 860
Printing, binding, and publication 200 1
Dues, subscriptions, and memberships 1,084 686
Maintenance of equipment 535 348
(Continued) I
61
I
VILLAGE OF ILLINOIS
GLENVIEW,
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Highways and streets (Continued)
Development and public service (Continued)
Public health (Continued)
Travel expense $ 2,650 $ 1,629
Training expense 2,100 614
Books, pamphlets, and materials 550 366
Small tools and equipment 650 92
Operating materials and supplies 2,650 426
Equipment replacement 6,000 6,000
Computer supplies 1,050 1,010
Other operational 225
expense
Equipment repairs 2,931 3,074
202,404 148,646
Less transfer to Capital Equipment
Replacement Fund 6,000 6,000
196,404 142,646
Public works - administration
Regular salaries 181,415 188,196
Overtime salaries 500
Temporary salaries 21,445 19,733
Longevity pa y 1,475 1,475
Printing, binding, and publication 200 303
Dues, subscriptions, and memberships 600 634
Maintenance of equipment 1,450 643
Rentals 2,900 2,750
Travel expense 5,000 2,568
Training 18,500 8,927
Office supplies 2,000 1,288
Books, pamphlets, and materials 90
Operational materials and supplies 1,800 999
Computer supplies 1,000 1,232
238,375 228,748
(Continued)
62
VILLAGE
OF
GLENVIEW, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995
~ Actual
Highways and streets (Continued)
Development and public service (Continued)
Public works - overhead
Regular salaries $ 368,818 $ 398;269
Overtime salaries 2,396 4,485
Temporary salaries 52,127 49,005
Longevity pay 11,300 11,117
Contractual professional services 2,000
Heating 21,000 15,371
Telephone 10,000 1,615
Dues, subscriptions, and memberships 80 35
Maintenance of equipment 8,000 4,579
Maintenance of building improvements 10,850 8,760
Rentals 31,100 5,602
Travel expense 250 184
Training 2,500 1,942
Uniform allowance 10,000 10,985
Books, pamphlets, and materials 250 141
Cleaning supplies 4,500 4,502
Maintenance materials - buildings 5,000 1,364
Small tools and equipment 2,500 1,356
Operational materials and supplies - 83
Employee welfare 3,000 2,896
Equipment replacement 214,851 214,851
Equipment repairs 202.985 181.359
963,507 918,501
Less transfer to Capital Equipment
Replacement Fund 214,851 214,851
748,656 703,650
Public works - street maintenance
salaries 180,517 204,867
Regular
Overtime salaries 9,084 21,511
Temporary salaries 16,080 15,483
Maintenance materials - buildings 23,000 39,676
I VILLAGE OF GLENVIEW,
ILLINOIS
i General Fund
Schedule of Expenditures - Budget and Actual
i Year Ended December 31, 1995
I ~ Actual
Highways and streets (Continued)
I Development and public service (Continued)
Public works - street improvements (Continued)
Small tools and equipment $ 2,300 $ 1,539
I Operating materials and supplies 12,000 12,650
Maintenance of buildings 50,000 43,076
Machinery and equipment 3,500 3,198
296,281 342,000
I Public works - traffic
Regular salaries 64,816 63,223
I salaries 3,711 7,481
Overtime
Temporary salaries 3,611 1,732
Power and light 90,000 65,453
I Maintenance of equipment
40,800
39,651
Maintenance of buildings 9,500 3,051
Rentals 400
I Sign supplies 26,100 17,558
Small tools and equipment 500 162
I Machinery and equipment 4,000 3,326
243,438 201,637
Public works - storm water management
I Regular salaries 81,722 79,079
Overtime salaries 2,923 4,604
Temporary salaries 7,630 2,635
I Maintenance of buildings 4,000 3,803
Maintenance materials - equipment 2,000 8
Small tools and equipment 500 486
I Machinery & equipment 1,800 1,378
Operating materials and supplies 20,000 7,849
120,575 99,842
!
1
!
I (Continued)
!
VILLAGE OF GLENVIEW, ILLINOIS I
General Fund I
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995 I
Budget Actual I
Highways and streets (Continued)
Development and public service (Continued) I
Public works - snow and ice control
Regular salaries $ 85,449 $ 96,698
Overtime salaries 61,009 63,808 I
Temporary salaries 2,634 564
Contractual professional services 525 525
Maintenance materials - equipment 15,000 13,758 I
Operating materials and supplies 87,000 85,593
20,000 20,000
Equipment replacement
271,617 280,946 1
Less transfer to Capital Equipment
Replacement Fund 20,000 20,000
251,617 260,946 I
Public works - forestry
Regular salaries 154,153 153,202 I
Overtime salaries 2,923 5,264
Temporary salaries 3,874 1,403
Contractual professional services 1,500 834 I
Dues, subscriptions, and memberships 350 215
Maintenance of equipment 1,000 126
Maintenance of building / improvements 3,000 12 I
Maintenance materials and equipment 500 174
Small tools and equipment 2,200 3,015
Operating materials and supplies 3,400 2,011 I
172,900 166,256
Public works - grounds
Regular salaries 87,293 86,613 I
Overtime salaries 891 5,216
Temporary salaries 6,987 12,480
Contractual professional services 28,000 22,822 I
Maintenance of building / improvements 1,000
Maintenance materials - equipment 600 550
1,200 1,061 1
Small tools and equipment 5,000 5,229
Operating materials and supplies 130,971 133,971
1
(Continued) l
65
I
VILLAGE OF GLENVIEW, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Highways and streets (Continued)
Development and public service (Continued)
Building inspection
Regular salaries $ 458,180 $ 467,425
Overtime salaries 8,000 6,566
Temporary salaries 2,000
Longevity pay 4,100 4,100
Contractual services 25,000 21,774
professional
Printing, binding, and publication 500 1,988
Dues, subscriptions, and memberships 1,035 629
Maintenance of equipment
2,350
1,635
Travel 4,000 3,310
Training 4,000 4,081
Uniform allowance 1,100
557
Books, pamphlets, and materials 2,500 2,730
Operating materials and suppl/es 3,000 3,158
Equipment replacement 14,000 14,000
Equipment repairs 7,677 4,185
537,442 536,138
Less transfer to Capital Equipment
Replacement Fund 14,000 14,000
523,442 522,138
Total highways and streets $ 3,694,998 $ 3,573,406
66
SPECIAL REVENUE FUNDS
Illinois Municipal Retirement Fund - The Illinois Municipal Retirement Fund is used to
account for the revenues and expenditures associated with providing disability and pension
benefits for Glenview employees. This fund also provides the employer with a portion of
F.I.C.A. Contributions.
Motor Fuel Tax Fund - The Motor Fuel Tax Fund is used to account for the activities
involved with street maintenance and construction. Financing is provided by the
Government's share of state gasoline taxes. State law requires these gasoline taxes to be
used to maintain streets.
Cable TV Fund - The Cable Television Fund is used to account for the financial activity of
the public access cable system. Any governmental body or not-for-profit community
organization will be permitted to broadcast public information or educational programming.
The cable television management and staff is under the direct control of the Village of
Glenview Board of Trustees.
Refuse and Recycling Fund - The Refuse and Recycling Fund is used to account for the
financial activity of the community wide recycling program. The program is designed to
license and monitor prime scavenger services operating in the residential areas of the
Government. Their activities will mainly be involved with the collection and disposition of
recyclable items.
911 Communications Fund - The 911 Communications Fund is used to account for the
activity of the 911 emergency service system. Financial activity began in 1990 and the system
became operational in 1992.
GNAS Grant Fund - The GNAS Grant Fund is used to account for the resources and
expenditures incurred in the development of the Naval Air Base land.
GNAS Caretaker Fund - The GNAS Caretaker Fund is used to account for the resources and
expenditures related to the Village's custodial arrangement with the U.S. Navy regarding
caretaking of the Naval Air Base.
VILLAGE OF GLENVIEW, ILLINOIS
Illinois Municipal Retirement Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Revenues
Taxes
Property taxes - current $ 1,106,500 $ 1,099,229
Replacement taxes 10,000 11,642
Intergovernmental 249,041 249,041
Interest 3,000 3,691
Miscellaneous
Employee contributions 829,500 902,430
Total revenues 2,198,041 2,266,033
Expenditures
Pension
Retirement contributions 2,028,900 2,185,162
Other 7,206 20,892
Total expenditures 2,036,106 2,206,054
Excess of revenues over expenditures 161,935 59,979
Other financing sources
Operating transfers in
Cable TV Fund 5,045 5,045
911 Communications Fund 27,372 27,372
Waterworks Fund 118,966 118,966
Wholesale Water Fund 1,644 1,644
GNAS Caretaker Fund 9,427
Sewerage Fund 20,533 20,533
173,560 182,987
Excess of revenues and other financing sources
over expenditures $ 335,495 242,966
Fund balance /1~311,091
January 1
December 31 $ I1'068'125)
See accompanying notes to financial statements.
69
VILLAGE OF GLENVIEW, ILLINOIS
Motor Fuel Tax Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended December 31, 1995
Actual
Revenues
Intergovernmental
Allotments $ 800,000 $ 894,207
Interest ] 5,500 21,961
Total revenues 815,500 916,168
Expenditures
Excess of revenues over expenditures 815.500 916.168
Other financing sources(uses)
Operating transfers in
Capital Projects Fund 402,485
Operating transfers (out)
Capital Projects Fund (1293,800) (1,293,800)
(1.293.8001 (891.315l
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses $ (478,300.~) 24,853
Fund balance
January 1 788,232
December 31 $ 813,085
See accompanying notes to financial statements.
70
VILLAGE OF GLENVIEW, ILLINOIS
Cable TV Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Revenues
Interest $ 1,500 $ 1,006
Miscellaneous
Cablenet programming agreement 50,700 51,000
Other 2,000 960
Total revenues 54,200 52,966
Expenditures
General government 64,754 55,233
Excess (deficiency) of revenues over expenditures (10,534) (2,267)
Other financing (uses)
Operating transfers (out)
Illinois Municipal Retirement Fund (5,045) (5,045)
Excess (deficiency) of revenues over
expenditures and other financing uses $ (15,579) (7,312)
Fund balance
January 1 61,772
December 31 $ 54,460
See accompanying notes to financial statements.
71
VILLAGE OF GLENVIEW, ILLINOIS
Cable TV Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995
Budget Actual
General government
Regular salaries $ 30,504 $ 30,627
Contractual professional services 5,000 1,455
Postage 100
Telephone 430
Dues, subscriptions, memberships 600 152
Insurance 6,750 6,750
Maintenance of equipment 3,500 963
Equipment repairs 1,550 902
Rentals 100 48
Travel expense 1,000 1,034
Training 3,500 326
Books, pamphlets, materials 250 20
Operating materials and supplies 4,000 5,023
Computer supplies 1,000 5,204
Machinery and equipment 5,950 2,729
Furniture and fixtures 500
Total expenditures $ 64,734 $ 55,233
72
VILLAGE OF GLENVIEW, ILLINOIS
Refuse and Recycling Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended December 31, 1995
1995 1994
Budget Actual Actual
Revenues
Charges for services
License fee $ 3,750 $ 3,125 3,750
Host community revenue 58,000 73,367 138,123
Bin sales 1,000 2,585 1,479
Refuse bag sales 43,000 37,067 42,096
Yard waste sticker sales 30,000 26,952 25,574
Tipping fees 600,000 613,568 425,608
Interest 700 3,640 2,684
Total revenues 736,450 760,304 639,314
Expenditures
General government
Dumping costs 500,000 576,586 536,087
Refuse bage purchase 43,000 38,422 37,332
Yard waste sticker purchase 30,000 18,830 36,065
Operational materials and supplies 1,391
Miscellaneous selling expenses 15,077
Contractual professional service 3,000
Repayment of cash advance 23,000
Training 1,000 87
Total expenditures 600,000 633,925 625,952
Excess of revenues over expenditures $ 136,450 126,379 13,362
Fund balance
January 1 - as restated {71,856) /85,218)
December 31 $ 54,523 $ f71,856t
See accompanying notes to financial statements.
VILLAGE OF GLENVIEW, ILLINOIS
911 C ommunications Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Revenues
Charges for services $ 283,000 $ 297,895
Interest 1,000 1,201
Total revenues 284,000 299,096
Expenditures
Public safety
Regular employee salaries 106,476 106,128
Overtime salaries 1,000 557
Overtime hire back 5,000 2,792
Holiday pay 4,500 372
Longevity pay 850 850
Contractual professional services 3,600 3,600
Printing, binding, and publications 500
Telephone and telegraph 60,600 61,877
Maintenance of equipment 10,800 4,579
Uniform allowance 1,350 900
Materials and supplies 1,000 216
Machinery or equipment 700
P.C. 2,000
expansion/training
Insurance 22,204 22,204
Total expenditures 220,580 204,075
Excess of revenues over expenditures 63,420 95,021
Other financing (uses)
Operating transfers (out)
Illinois Municipal Retirement Fund (27,372) (27,372)
Capital Equipment Replacement Fund (36,118) (36,118)
/63,490) (63,490)
Excess (deficiency) of revenues over expenditures
and other financing uses $ I70) 31,531
Fund balance
January 1 74,768
December 31 $ 106,299
See accompanying notes to financial statements.
74
VILLAGE OF GLENVIEW, ILLINOIS
GNAS Grant Fund
Administration Department
Schedule of Expenditures-Actual Only
· Year Ended December 31, 1995
General government
Administration
Regular salaries $ 27,568
Uniform allowance 136
Contractual professional services 96,858
Postage 403
Printing, binding, and publication 9,623
Dues, subscriptions, memberships 4,375
Insurance 87,310
Travel expense 5,654
Operating materials and supplies 1,596
27.652
Machinery and equipment 261,175
OEA Grant
Contractual professional services 414,126
Postage 1,095
Printing, binding, and publication 8,307
Dues, subscriptions, memberships 247
Travel expense 20,507
Training 1,000
1,111
Operating materials and supplies
446,393
Total expenditures $ 707,568
75
VILLAGE OF GLENVIEW, ILLINOIS
GNAS Caretaker Fund
Schedule of Expenditures - Actual Or~ly
Year Ended December 31, 1995
General government
Regular salaries $ 113,639
Contractual professional services 149,021
Printing, binding, publications 98
Insurance 8,079
Equipment repairs and replacement 17,917
Rentals 35
Training 1,200
Maintenance of equipment 133
Operating materials and supplies 2,865
Supervisory burden 11,570
Small tools and equipment 71
Machinery and equipment 20.760
Total expenditures $ 325,388
76
DEBT SERVICE FUNDS
Library Bond Series of 1984 - This issue in the amount of $3,100,000 was used to construct an
addition to the Library.
Corporate Purpose Bond Series of 1989 - This issue ~n the amount of $8,000,000 was sold to
finance various capital improvements including storm sewers, land acquisition, pavement
improvements, and water related projects.
Corporate Purpose Bond Series of 1990 - This issue in the amount of $4,500,000 was sold to
finance the Government's share of the Glenview Road reconstruction project. Moody's
Investors Service has rated this general obligation bond issue AAA.
Corporate Purpose Bond Series of 1991 - This issue ~n the amount of $4,165,000 was sold to
finance the partial refunding of the Library Bond Series of 1984 and early retirement of the
Corporate Purpose Bond Series of 1979.
Corporate Purpose Bond Series of 1993 - This issue in the amount of $7,635,000 was sold to
finance various capital projects throughout the Government including, but not limited to,
the public works garage, various street projects, and capital purchases.
Corporate Purpose Bond Series of 1994 - This issue in the amount of $8,040,000 was sold to
partially refund both the Corporate Purpose Bond Series of 1989 and the Corporate Purpose
Bond Series of 1990.
Corporate Purpose Bond Series of 1995 - This issue in the amount of $500,000 was sold to
finance the construction of a Sewer Lift Station and other sewer system improvements.
General Obligation Bond Anticipation Bond Series of 1995 - This issue in the amount of
$60,000,000 was sold to finance the development of the Glenview Naval Air Base which was
turned over to the Village in 1995.
I
I
I
I
I
I CAPITAL PROJECTS FUNDS
I Capital Equipment Replacement l~und - The Capital Equipment Replacement Fund is used
to account for the funds annually set aside for the eventual replacement of certain capital
i equipment.
Capital Projects Fund - The Capital Projects Fund is used to account for revenues and
i expenditures involved with all other Capital Improvements throughout the Government.
Bond Fund Series 1989 - The Bond Fund Series 1989 is used to account for the proceeds
i received from the Corporate Purpose Bond Series of 1989.
Bond Fund Series 1990 - The Bond Fund Series 1990 is used to account for the proceeds
ireceived from the Corporate Purpose Bond Series of 1990.
Bond Fund Series 1993 - The Bond Fund Series 1993 is used to account for the proceeds
received from the Corporate Purpose Bond Series of 1993.
I GNAS Project Fund - This fund is used to account for various development and other
iprojects related to the Glenview Naval Air Base which was turned over to Glenview in 1995.
ENTERPRISE FUNDS
Waterworks Fund - The Waterworks Fund is used to account for the provision of water and
sewer service to the residents of Glenview. All activity necessary to provide such services is
accounted for in this fund including, but not limited to, Administration (Director of Public
Works), Operation, Maintenance, Financing and related Debt Service, and Billing and
Collection.
Wholesale Water Fund - The Wholesale Water Fund is used to account for the provision of
water service to the Citizens Utility Co. enabling the utility to receive Lake Michigan water.
Sewerage Fund - The Sewerage Fund is used to account for the funds necessary to provide
sanitary sewer service to both incorporated and unincorporated Glenview customers.
Commuter Parking Lot Fund - The Commuter Parking Lot Fund accounts for the activity
involved with, but not limited to, the Administration (Finance Director), sale of permits, and
maintenance of the commuter parking facilities within the Government.
·
VILLAGE OF GLENVIEW, ILLINOIS
Enterprise Funds I
Combining Balance Sheet
December 31, 1995
(with comparative totals for 1994)
!
Wholesale Commuter Totals
1
·
Due from other funds 352,319 864,544 1,216,863 720,539
Inventory 35,023 35,023 54,704 1
Accumulated depredation (6,335,931) (174,748) (1,346,816) (129,892) (7,987,387) (7,473,613)
FUND EQUITY I
Accounts payable $ 213,356 $ 67,178 $ $ - $ 280,534 $ 293,866
1
Due
637,712 261,321 258,728 119 1,157,880 867,022
Long-term liabilities I
discount (22,576) (22,576) (23,951)
·
Fund equity
Contributed capital 2,386,154 891,089 3,277,243 3,277,243
Total liabilities and
f~ndequlty $ 17,178,787 $ 3,567,161 $ 4,203,925 $ 224,695 $ 25,174,568 $ 24,432,704 I
See accompanying notes to financial statements. I
82
!
VILLAGE OF GLENVIEW,
ILLINOIS
Enterprise Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings
Year Ended December 31, 1995
(with comparative totals for 1994)
Wholesale Commuter Totals
Waterworks Water ~ ~ 1995 1994
Operating revenues
Charges for services
Water and sewer
charges $ 5,841,753 $ 1,283,667 $ 834,950 $ $ 7,960,370 $ 7,855,917
Water meter repair
charges 87 87 1,132
Water and sewer
connection charges 44,758 5,465 50,223 6,800
Water meters and
remote readers 27,491 27,491 37,163
Parking decals and
meter fees 95,396 95,396 96,168
Miscellaneous 173,17~ 7,803 180,981 443,247
Total operating revenues 6,087,267 1,283,667 840,415 103,199 8,314,548 8,440,427
OperatLng expenses
Administration 558,821 79,471 30,000 668,292 718,017
Operations 3,478,389 931,975 298,062 98,286 4,806,712 4,714,356
Depreciation and
amortization 352,613 62,816 93,093 5,252 513,774 551,934
Total operating expenses 4,389,823 994,791 470,626 133,538 5,988,7713 5,984,307
Operating income (loss) 1,697,444 288,876 369,789 (30,339) 2,325,770 2,456,120
Nonoperating revenues
(expense~)
Interest income 53,521 3,618 12,723 3,421 73,283 83,040
Interest expense and
fiscal (16.~.843~ ~ (~39.066~ ~422.991~
(110,322) (171,~05) 12,723 3,421 (265,7B3) (339,951)
Income (loss) before
operating transfers 1,587,122 117,271 382,512 (26,918) 2,059,987 2,116,169
Operating transfers (out) (7{)4,142) (1,644) (161,884) (867,670) (832,950)
Net income (loss) 882,980 115,627 220,628 (26,918} 1,192,317 1,283,219
Retained earrfings
January 1 10,395,827 507,789 2,833,480 251,494 13,988,590 12,705,371
Prior period adjustment 397,314 397,314
Adjusted balances 10,793,141 507,789 2,833,480 251,494 14,385,904 12,705,371
December31 $ 11,676,121 $ 623,416 $ 3,054,108 $ 224,576 $ 15,578,221 $ 13,988,590
See accompanying notes to financial statements.
83
VILLAGE OF GLENVIEW, ILLINOIS
Enterprise Funds
Combining Schedule of Changes in Contributed Capital
Year Ended December 31, 1995
(with comparative totals for 1994)
Wholesale Totals
Waterworks Water ~ 1995 1994
Increases $ $ $ $ $
Decreases
Net increase
Contributed capital
January 1 2,386,154 891,089 3,277,24~3 3,277,243
December 31 $ 2,386,154 $ $ 893.,089 $ 3,277,243 $ 3,277,243
·
VILLAGE OF GLENVIEW, ILLINOIS 1
Waterworks Fund I
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended December 31, 1995 1
I
!
Inmrest income (246,8267 i163,843/
Interest expeme and fiscal charg~
·
Illinois Municipal Retirement Fund /1,349,1671 i470,1571
DOor Sexvice Fund i1,608,133/ (704,1~21
1
$ /316,289) 882,980 1
Net income
1
Adjusted balance
See accompanying notes to financial statements. 1
86
I
VILLAGE OF GLENVIEW, ILLINOIS
Waterworks Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Admimstration
Contractual professional services S 2,000 $ 918
Printing, binding, and publication 200 149
Postage 16,000 12,806
Computer supplies 3,000 1,962
Other operational expenses
180
Admimstrative charges- General Fund 418,227 418,227
Insurance 124~759 124~759
Total administration 564,366 558,821
Operations
Supply and metering
Regular salaries 79,697 64,598
Overtime salaries 2,837 2,130
Temporary salaries 1,179 388
Contractual professional services 46,000 37,753
Water 2,208,000 2,187,126
Maintenance of buildings 4,000 4,609
Operational materials and supplies 35,700 15,175
Total supply and metering 2,377,413 2,311,779
Pumping station-east
Regular salaries 45,649
24,336
Overtime salaries 13,582 10,434
Temporary salaries 979 33
Contractual professional services 16,850 11,262
Power and light 85,000 78,353
Heating 6,000 2,999
Telephone 3,497
Maintenance of building 26,500 4,261
Rentals 2,400
Dues, subscriptions, and memberships 8
Cleaning and household supplies 100 84
Maintenance materials - equipment 3,000 1,889
Maintenance materials - building 1,000 129
Operating materials and supplies 12,900 3,458
Machinery and equipment
l17t000
139~715
33O,96O 280,458
(Continued)
87
VILLAGE OF GLENVIEW, ILLINOIS 1
Waterworks Ftmd I
Schedule of Operating Expenses - Budget and Actual
Year Ended December 31, 1995 !
Budget Actual I
Pumping station-east (Continued)
Less nonoperating expenses
Fixed assets capitalized $ 83,925 $ 83,925 I
Total pumping station-east 247,035 196,533
Pumping station-west I
Regular salaries 26,177 35,399
Overtime salaries 13,850 6,883 1
Temporary salaries 2,614 99
Contractual professional services 14,850 6,250
Power and light 105,000 85,899 1
Heating 1,000 823
Telephone 3,000 1,484
Maintenance of building 27,500 2,019 1
Cleaning and household supplies 100 68
Maintenance materials - equipment 5,000 1,999 ·
Maintenance materials - building 750 9
1
Operating materials and supplies 6,500 803
Machinery and equipment 29,000 29,000
235,341 170,735 I
Less nonoperating expenses
Fixed assets capitalized 29,000 29,000 1
Total pumping station-west 206,341 141,735
Distribution system I
Regular salaries 245,946 197,065
Overtime salaries 38,747 28,509 ·
Temporary salaries 17,092 10,301
Contractual professional services 20,000 21,732
Maintenance of buildings 62,000 77,348 1
Rentals 300 288
Maintenance materials - equipment 175
Maintenance materials - buildings 69,200 74,221 ·
Operating materials and supplies 7,000 5,678
Machinery and equipment 26,000
Distribution system 202,718 210,058 1
689,003 625,375
(Continued) I
88
!
GLENVIEW, ILLINOIS
VILLAGE
OF
Waterworks Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Distribution system (Continued)
Less nonoperating expenses
Fixed assets capitalized $ 83,544 $ 83,544
Total distribution system 605,459 541,831
Overhead
Regular salaries 176,147 174,197
1,030 237
Overtime
Temporary salaries 2,106 5,507
Longevity pay 6,050 6,050
Postage 300 87
Telephone 1,200 613
Dues, subscriptions, and memberships 2,720 2,325
Maintenance of equipment 1,130 1,460
Rentals 1,200 359
Travel expense 3,800 3,087
Training 9,600 2,018
Uniform allowance 6,875 6,906
Office supplies 700 861
Books, pamphlets, and materials 300 200
Small tools and equipment 5,850 7,034
Operational materials and supplies 1,000 339
Computer supplies 1,800 1,200
Employee welfare 940 374
Equipment replacement 84,190
Equipment repairs 83,128 72,660
Machinery and equipment 2,350 997
392,416 286,511
Total operating expenses $ 4,393,030 $ 4,037,210
89
VILLAGE OF GLENVIEW, ILLINOIS
Wholesale Water Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended December 31, 1995
Actual
Operating revenues
Charges for services $ 1.265.000 $ 1.283.667
Operating expenses excluding depreciation
Operations
Supply and metering 868,437 890,537
56,003 41,224
Pumping
station
Distribution system 7,763 214
Total operating expenses 932,203 931,975
Operating income before depreciation 332,797 351,692
62,816
Depreciation
Operating income 332,797 288,876
Nonoperating revenues (expenses)
Interest income 3,000 3,618
Interest expense (174,230) (173,848)
Amortization of bond discount {1,375)
(171,230) {171,605)
Income before operating transfers 161,567 117,271
Operating transfers (out)
Illinois Municipal Retirement Fund (1,644) (1,644)
Net income $ 159,923 115,627
Retained earnings
January 1 507,789
$ 623,416
December
31
See accompanying notes to financial statements.
91
VILLAGE OF GLENVIEW, ILLINOIS
Wholesale Water Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Operations
Supply and metering
Water purchases $ 773,800 $ 796,540
Maintenance of buildings 1,000 360
Administrative charges - General Fund 84,237 84,237
Insurance 9,400 9,400
Total supply and metering 868,437 890,537
Pumping station
salaries 3,774 5,849
Regular
Overtime salaries 779 4,147
Temporary salaries 50 8
Contractual professional services 1,400 1,028
Power and light 45,000 27,215
Telephone 3,000 2,108
Maintenance of buildings 1,500 245
Equipment rentals 500 500
Operating materials and supplies 124
Total pumping station 56,003 41,224
Distribution system
Regular salaries 602
Overtime salaries 1,000 169
Temporary salaries 161
Contractual professional service 3,000
Maintenance of buildings 1,000 45
Operating materials and supplies 2,000
Total distribution system 7,763 214
Total operating expenses $ 932,203 $ 931,975
92
VILLAGE OF GLENVIEW, ILLINOIS
Sewerage Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Operating revenues
Charges for services
Sewer charges $ 763,954 $ 834,950
Sewer connection charges 5,465
Total operating revenues 763,954 840,415
Operating expenses excluding depreciation
Administration 89,817 79,471
Operations
Pumping station 21,423 12,094
Collection 311,008 272,214
Sump pump inspection 36,000 13.754
Total operating expenses 458,248 377,533
Operating income before depreciation 305,706 462,882
Depreciation 20,000 93,093
Operating income 285,706 369,789
Nonoperating revenue
Interest income 2,000 12,723
Income before operating transfers 287,706 382,512
Operating transfers (out)
Illinois Municipal Retirement Fund (20,533) (20,533)
Debt Service Fund (141,351) (141,351)
Capital Projects Fund (300.000~
(461,884) (161,884)
Net income ~; (174.178~ 220,628
Retained earnings 2,833,480
January 1
December 31 ~; 3.054.108
See accompanying notes to financial statements.
94
VILLAGE OF GLENVIEW, ILLINOIS
Sewerage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended December 31, 1995
Administration
Contractual professional services . $ 3,500 $ 1,213
Printing, binding, and publications 100 59
Postage 300 100
Office supplies 150
Computer supplies 1,000
Administrative charges - General Fund 38,371 38,371
Equipment replacement 16,457
Equipment repairs and fuel 16,569 26,358
Insurance 13,370 13~370
Total administration 89,817 79,471
Operations
Pumping Station
Regular salaries 12,597 7,147
Overtime salaries 3,261 2,624
Temporary salaries 365 161
Power and light 2,000 1,892
Maintenance of equipment 2,000 270
Operational materials and supplies 1~200
Total Pumping Station 21,423 12,094
Collection system
Regular salaries 81,315 64,558
Overtime salaries 5,132 4,553
Temporary salaries 9,223 2,993
Contractual professional services 3,000 11
Maintenance of buildings 12,000 23,007
Rentals 380 360
Maintenance materials 2,500 1,550
Operational materials and supplies 10,000 16,194
Machinery and equipment 40,800 38,212
System improvements 533,728 507,846
698,078 659,284
Less nonoperating expenses
Fixed assets capitalized 387~070 387,070
Total collection system 311~008 272,214
Sump Pump Inspection
Regular salaries 1,000 9,871
Overtime salaries 1,246
Temporary salaries ~5.OflO 2,6~7
Total sump pump inspection 36.0('aq 13.754
Total operating expenses $ 458,248 $ 377,533
95
VILLAGE OF GLENVIEW, ILLINOIS
Commuter Parking Lot Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Operating revenues
Charges for services
Meter fees $ 18,500 $ 15,477
Parking decals 85,000 79,9t9
Miscellaneous 11,400 7,803
Total operating revenues 114,900 103,199
Operating expenses
Administration 30,000 30,000
Operations 80,262 98,286
Depreciation 5,252
Total operating expenses 110,262 133,538
Operating income (loss) 4,638 (30,339)
Nonoperating revenues
Interest income 6,000 3,421
Net income (loss) $ 10,638 (26,918)
Retained earrfings
January 1 251,494
December 31 $ 224,576
See accompanying notes to financial statements.
97
VILLAGE OF GLENVIEW, ILLINOIS
Commuter Parking Lot Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended December 31, 1995
Bud~ Actual
Administration
Administration - General Fund $ 30,000 $ 30,000
Operations
Regular employee salaries 1,000 37,165
Temporary salaries 19,612 8,004
Contractual professional services 8,000 9,838
Printing, binding, and publications 500
Power and light 10,000 11,009
Heating 1,200 690
Postage 700 700
Telephone and telegraph 500 445
Maintenance of buildings 4,250 1,654
Rentals 19,000 16,102
Cleaning/household supplies 1,000 74
Maintenance materials 2,000 185
Small tools and equipment 500 12
Operations materials 10,000 10,408
insurance 2,000 2,000
80,262 98,286
Total operating expenses excluding depreciation $ 110,262 $ 128,286
98
INTERNAL SERVICE FUNDS
Municipal Equipment Repair Fund - The Municipal Equipment Repair Fund is used to
account for the costs of repairing and maintaining all vehicles of the Government. These
costs include labor, material, fuel, and fixed overhead of the Government's repair facility.
Insurance Fund - The Insurance Fund is used to account for the financial activity of the
Government's entire insurance program. In addition to conventional primary insurance,
Glenview is a member of the High-Level Excess Liability Pool (HELP) which provides excess
liability coverage. Also, the Government provides health and life insurance by participating
in the Intergovernmental Personnel Benefit Cooperative (IPBC).
VILLAGE OF GLENVIEW, ILLINOIS I
Internal Service Funds I
Combirdng Balance Sheet
December 31, 1995
(with comparative totals for 1994) I
!
Municipal Totals
Equipment 1
Repair ]psurance 1995 1994
ASSETS I
Current assets
Cash and investments $ 95,044 $ 1,659,121 $ 1,754,165 $ 1,567,881
Receivables - accounts 7,949 208,4~4 216,393 8,365 I
Due from other funds 11,774 8,079 19,853
Deposits 217,709 217,709 35,560
413,356
Prepaid expenses - 1
Total assets $ 114,767 $ 2,093,353 $ 2,208,120 $ 2,025,162
LIABILITIES AND I
RETAINED EARNING S
Current liabilities 1
Accounts payable $ 26,503 $ $ 26,503 $
137.110 137.110 193.783
Claims payable 193,783
Total liabilities 26,503 137,110 163,613
Retained earnings 88,264 1,956,243 2,044,507 __ 1,831,379 I
Total liabilities and I
retained earnings $ 114,767 $ 2,093,353_ $ 2,208,120 $ 2,025,162
I
1
I
I
I
See accompanying notes to financial statements. I
100
I
VILLAGE OF GLENVIEW, ILLINOIS
Internal Service Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings
Year Ended December 31, 1995
(with comparative totals for 1994)
Municipal
Equipment Totals
Repair Insurance 1995 1994
Operating revenues
Charges f or services $ 581,500 $ 2,503,723 $ 3,085,223 $ 2,801,14~
Miscellaneous 58,361 137,312 195,673 194,157
Total operating revenues 639,861 2,641,035 3,280,896 2,995,300
Operating expenses
Operations 638,117 2,490,291 3,128,408 2,889,365
Operating income (loss) 1,744 t50,744 152,488 105,935
Nonoperating revenues
Interest Income 3,297 62,843 66,140 52,049
Net Income (loss) before operating
transfers 5,~41 213,587 218,628 157,984
Operating transfers (out)
Capital Equipment Replacement
(5,500) (5,500) (5,500)
Fund
Net Income (loss) (459) 213,587 213,128 152,484
RetaIned earnIngs
January 1 88,723 1,742,656 1,831,379 2,254,733
Prior period adjustment (575,838)
Adjusted balances 88,723 1,742,656 1,831,379 1,678,895
December31 $ 88,264 $ 1,956,24~3 $ 2,044,507 $ 1,831,379
See accompanying notes to financial statements.
101
VILLAGE OF GLENVIEW, ILLINOIS
Internal Service Funds
Combining Statement of Cash Flows
Year Ended December 31, 1995
(with comparative totals for 1994)
Municipal
Equipment Totals
Repair Insurance 1995 1994
Cash flows from operating activities
Operating income $ 1,744 $ 150,744 $ 152,488 $ 105,935
Adjustments to reconcile operating
income (loss) to net cash provided by
(used in) operating activities
Changes in assets and liabilities
Accounts receivable (3,881) (204,147) (208,028) 186
Deposits (182,149) (182,149)
Due from other funds (11,774) (8,079) (19,853)
Prepaid expenses 413,356 413,356 (413,356)
Accounts payable 26,503 26,503
Claims payable (56,673) (56,673)
12,592 113,052 125,644 (312,735)
Cash flows from non-capital financing
activities
Operating transfer (out) (5.500) (5.500~ (5.500)
Cash flows from investing activities
Interest on investments 3,297 62,843 66,140 52,049
Net increase (decrease) in cash and
cash equivalents 10,389 175,895 186,284 (266,186)
Cash and cash equivalents
1 84,655 1,483,226 1,567,881 1,828,567
January
December 31 $ 95,044 $1,659,121 $1,754,165 $1,567,881
See accompanying notes to financial statements.
102
VILLAGE OF GLENVIEW, ILLINOIS
Municipal Equipment Repair Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended December 31, 1995 and Actual Only for 1994
1995 1994
Budget Ac~t~l Actual
Operating revenues
Charges for services $ 628,545 $ 581,500 $ 463,513
Miscellaneous 38,600 58,361 39,889
Total operating revenues 667,145 639,861 503,402
Operating expenses
Operations 629,287 638,117 595,165
Operating income (loss) 37,858 1,744 (91,763)
Nonoperating revenues
Interest income 2,000 3,297 1,910
Income (loss) before operating
transfers 39,858 5,041 (89,853)
Operating transfer (out)
Capital Equipment Replacement
Fun~ 15,500) /5,500) (5,500)
Net income (loss) $ 34,358 (459) (95,353)
Retained earnings
January 1 88,723 184,076
December 31 $ 88,264 $ 88,723
See accompanying notes to financial statements.
103
VILLAGE OF GLENVIEW, ILLINOIS
Municipal Equipment Repair Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended December 31, 1995
Budget Actual
Operations
Regular salaries $ 205,479 $ 188,702
Overtime salaries 5,623 6,173
Temporary salaries 5,940 14
Longevity pay 2,600 2,600
Contractual professional services 560
Maintenance of equipment 67,200 68,428
Maintenance of buildings 5,000 6,428
Training 850 60
Accident repairs 16,729
Urriform allowance 5,625 3,313
Fuel 170,000 169,609
Motor vehicle supplies 44,000 41,096
Cleaning and household supplies 3,500 3,999
Maintenance materials - equipment 95,000 111,510
Maintenance materials - buildings 5,000 6,956
Small tools and equipment 4,000 4,607
Equipment repairs 2,810
Machinery and equipment 6,100 7,893
Total operations $ 629,287 $ 638,117
104
VILLAGE OF GLENVIEW
Insurance Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended December 31, 1995 and Actual Only for 1994
1995 1994
Budget Actual Actual
Operating revenues
Charges for services
Property taxes
Glenbrook Fire Protection Dist. $ 100,000 $ 63,067 $ 48,000
Fund charges 2,345,267 2.440.656 2.289.630
2,445,267 2~503.723 2.337.630
Miscellaneous
Insurance Premium Retirees 172,269 132,838 138,814
Returned Premiums 5,000 3,758 3,880
Insurance Recoveries 10,000 716 11,574
187,269 137,312 154,268
Total operating revenues 2,632,536 2,641,035 2,491,898
Operating expenses
Operations
Health insurance 1,940,520 1,638,749 1,540,387
Dental insurance 68,250 68,839 68,000
Excess liability 70,000 65,285 60,627
Social worker 1,600
liability
Retention fund 175,000
General insurance program 435,000 703,683 448,360
PTM policy 11,500 11,500
Claims settlement 5,000 2,235 1,826
2,531,870 2,490,291 2,294,200
Operating income 100,666 150,744 197,698
Nonoperating revenues
Interest income 34,000 62,843 50,139
Net income $ 134,666 213,587 247,837
Retained earnings
January 1 - as restated 1,742,656 2,070,657
Prior period adjustments (575,838)
Adjusted balances ,742,656 ,494,81
1
1
9
December 31 $ 1,956,243 $ 1,742,656
See accompanying notes to financial statements.
105
TRUST AND AGENCY FUNDS
Expendable Trust
Escrow Deposit Fund - The Escrow Fund is used to account for the funds placed on deposit
with the Government by building contractors working within the Government's limits.
Interest earned on escrow deposits is annually transferred to the Corporate Fund.
Deposit Fund - The Deposit Fund is used to account for money on deposit with the
Government being held on a temporary basis, such as security deposits for use of the
Government's equipment.
Police Department Special Account Fund - The Police Department Special Account Fund is
used to account for funds received from the Cook County Clerk of the Circuit Courts' office
to be used in various types of investigations.
Pension Trust
Police Pension Fund - The Police Pension Fund is used to account for the resources necessary
to provide disability and retirement benefits to personnel of the Glenview Police
Dep~ment.
Firefighters' Pension Fund - The Firefighters' Pension Fund is used to account for the
resources necessary to provide disability and retirement benefits to personnel of the
Glenview Fire Depa~tuient.
Agency
Deferred Compensation Plan Fund - The Deferred Compensation Fund is used to account
for salary deductions held by the government employees. The deferred compensation is
available to employees upon termination or retirement.
Special Service Areas Fund - This fund accounts for various special service area bond issues.
VILLAGE OF GLENVIEW, ILLINOIS
Expendable Trust Funds
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Year Ended December 31, 1995
(with comparative totals for 1994)
Police
Department
Escrow Special Totals
Deposit Deposit Account 1995 1994
Revenues
Fines and forfeits $ $ $ 8,514 $ 8,514 $ 7,387
Interest 249,522 1,868 430 251,820 144,165
Miscellaneous
Other 3,747 3,747 12,957
Total revenues 249,522 5,615 8,944 264,081 164,509
Expenditures
General government 4,639 4,639 4,554
Public safety 14,829 14,829 3,107
Total expenditures 4,639 14,829 19,468 7,661
Excess (deficiency) of revenues
over expenditures 249,522 976 (5,885) 244,613 156,848
Other financIng (uses)
Operating transfers (out)
General Fund (249,522) (249,.522.) (142,414)
Excess of revenues over
expenditures and other
financing uses 976 (5,885) (4,909) 14,434
Fund balances
January 1 19,921 21,914 41,835 27,401
December31 $ $ 20,897 $ 16,029 $ 36,926 $ 41,835
See accompanying notes to financial statements.
107
VILLAGE OF GLENVIEW, ILLINOIS
Pension Trust Funds
Combining Statement of Revenues, Expenses,
and Changes in Fund Balances
Year Ended December 31, 1995
(with comparative totals for 1994)
Police Firefighters' Totals
I~onsion ponsion 1995 1994
Operating revenues
Taxes 364,402 $ 226,743 $ 591,145 $ 558,159
Contributions - employees 288,823 334,703 623,526 540,891
Interest 1,159,970 1,880,842 3,040,812 2,937,593
Miscellaneous
Gain on sale of investments 1,014.659 1,014.659
Total operating revenues 1,813,195 3,456,947 5,270,142 4,036~643
Operating expenses
Pensions and refunds 586,603 602,903 1,189,506 1,012,720
Miscellaneous
Other 3,713 2,945 6,658 10t054
Total operating expenses 590,316 605,848 1,196,164 1,022,774
Income before operating transfers 1,222,879 2,851,099 4,073,978 3,013,869
Operating transfers in
General Fund 32~037 41~007 73,044 69t504
Net income 1,254~916 2,892~106 4,147~022. 3~083,373
Fund balances
January 1 14,823,582 26,921,541 41,745,123 39,171,004
Prior period adjustments (509r334)
Adiusted balances 14,823,582 26,921~541 41,745,123 38t661~750
December 31 $16,078,498 $ 29,813,647 $ 45,892,145 $ 41,745,123
See accompanying notes to financial statements.
108
VILLAGE OF GLENVIEW, ILLINOIS
Police Pension Fund
Statement of Revenues, Expenses,
and Changes in Fund Balance - Budget and Actual
Year Ended December 31, 1995
Budget Actuol
Operating revenues
Taxes
Property taxes - current $ 349,352 $ 364,402
Contributions - employees 307,190 288,823
Interest 1,140,000 1,159,970
Total operating revenues 1,796,542 1,813,195
Operating expenses
Pensions and refunds 574,227 586,603
Miscellaneous
Contractual professional services 5,700 3,713
Total operating expenses 579,927 590,316
Income before operating transfers 1,216,615 1,222,879
Operating transfers in
General Fund 32,037 32,037
Net income $ 1,248,652 1,254,916
Fund balance
January 1 14,823,582
December 31 $ 16,078,498
See accompanying notes to financial statements.
109
VILLAGE OF GLEN'VIEW, ILLINOIS
Firefighters' Pension Fund
Statement of Revenues, Expenses,
and Changes in Fund Balance - Budget and Actual
Year Ended December 31, 1995
1995 1994
Budget Actual Actual
Operating revenues
Taxes
Property taxes - current $ 162,710 $ 196,866 $ 166,218
Foreign fire insurance tax 35,000 29,877 38,176
Contributions - employees 325,067 334,703 269,182
Interest 760,000 1,880,842 1,861,557
Miscellaneous
Gain on sale of Investments 1,014,659
Total operatIng revenues 1,282,777 3,456,947 2,335,133
OperatIng expenses
Pensions and refunds 559,723 602,903 484,640
Miscellaneous
Contractual professional services 8,000 2,945 5,121
Total operating expenses 567,723 605,848 489,761
Income before operating transfers 715,054 2,851,099 1,845,372
OperatIng transfers in
General Fund 41,007 41,007 39,669
Net Income $ 756,061 2,892,106 1,885,041
Fund balance 26,921,541 25,545,834
January 1 (509,334)
Prior period adjustment 26,921,541 25,036,50~
Adjusted balance
December 31 $ 29,813,647 $ 26,921,541
See accompanying notes to financial statements.
110
I VILLAGE OF GLENVIEW, ILLINOIS
I Agency Funds
Combining Statement of Changes in Assets and Liabilities
I Year Ended December 31, 1995
I Balances Balances
lanuary 1 Additions Deductions December 31
I All Funds
ASSETS
I Assets held by agents for
deferred compensation plan
(marketvatue) $ 9,380,270 $ 2,536,659 $ 260,139 $11,656,790
I Receivables - property taxes 164,130 1,535 162,595
Due from other funds 357 1,125 1,482
Total assets $ 9,544,757 :~$ 2,537,784 $ 261,674 $11,820,867
I LIABILITIES
Due to participants 9,380,270 2,536,659 260,139 11,656,790
i Due to bondholders 164,487 1,125 1,535 164,077
Total liabilities $ 9,544,757 $ 2,537,784 $ 261,674 $11,820,867
Deferred Compensation
I Plan Fund
ASSETS
I Assets held by agents for
deferred compensation plan
(market value) $ 9,380,270 $ 2,536,659 $ 260,139 $11,656,790
I LIABILITIES
Due to participants $ 9,380,270 $ 2,536,659 $ 260,139 $11,656,790
I Special Service Areas Fund
I ASSETS
Receivables - property taxes $ 164,130 $ $ 1,535 $ 162,595
Due from other funds 357 1,125 1,482
I $ 164,487 $ 1,125 $ 1,535 $ 164,077
LIABILITIES
I Due to bondholders $ 164,487 $ 1,125 $ 1,535 $ 164,077
!
I See accompanying notes to financial statements.
111
I
VILLAGE OF GLENVIEW, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
December 31, 1995
(with comparative totals for 1994)
1995 1994
General fixed assets
Land $ 3,405,095 $ 3,405,095
Buildings and improvements 9,329,007 7,861,054
Equipment 7,624,588 7,019,354
Furniture 296,096 296,096
Office equipment 328,841 328,841
$ 20,983,627 $ 18,910,44~0
Investment in general fixed assets
General revenues $ 17,184,348 $ 15,111,161
Bond issues 3,799,279 3,799,279
$ 20,983,627 $ 18,910,440
112
VILLAGE OF GLENVIEW, ILLINOIS
General Fixed Assets Account Group
Schedule of Changes in General Fixed Assets - by Function and Activity
Year Ended December 31, 1995
Ftmcfion and Balances Balances
Activity lanuary 1 Additions Retirements December 31
General government
Executive $ 57,716 $ $ $ 57,716
Administrative 2,435,004 10,965 2,445,969
Finance 684,128 684,128
Building and grounds 320,343 320,343
Total general government 3,497,191 10,965 3,508,156
Public safety
Police 3,501,073 254,776 14,219 3,741,630
Fire 2,772,232 262,955 260,200 2,774,987
Total public safety 6,273,305 517,731 274,419 6,516,617
Public works
Administration 2,064,783 155,774 45,594 2,174,963
Building division 859,049 1,477,669 2,336,718
Engineering 348,125 348,125
Street division 5,028,485 152,986 5,181,471
Equipment and supplies division 839,502 53,900 893,402
Total public works 9,139,944 1,840,329 45,594 10,934,679
Economic development 24,175 24,175
$18,910,440 $ 2,393,200 $ 320,013 $ 20,983,627
114
COMPONENT UNIT
Component Unit (Library Fund) - The Library Fund is used to account for the resources
necessary to provide the educational, cultural, and recreational activities of the Glenview
Public Library.
VILLAGE OF GLENVIEW, ILLINOIS
Component Unit - Library Fund
Combining Balance Sheet
December 31, 1995
(with comparalive totals for 1994)
General Fixed
Asset Account TotaLs
General Fund ~ 1995 1994
ASSETS
Cash andinvestments $ 1,343,953 $ $ 1,343,953 $ 1,149,027
Receivables
Property taxes 2,957,847 2,957,847 2,989,167
Accrued interest 2,577 2,577 2,056
General fixed assets 5,500,500 5,500,500 5,318,543
Total assets $ 4,304,377 $ 5,500,500 $ 9,804,877 $ 9,458,793
LIABILITIES AND
FUND EQUITY
Liabilities
Accrued payroll $ 22,729 $ $ 22,729 $ 25,663
Deferred revenues 2,957,847 2,957,847 2,989,167
Total liabilities 2,980,576 2,980,576 3,014,830
Fund equity
Investment in general fixed
assets 5,500,500 5,500,500 5,318,543
Fund balance
Unreserved 1,323,801 1,323,801 1,125,420
1,323,801 5,500,500 6,824,301 6,443,963
Total liabilities and
fund equity $ 4,304,377 $ 5,500,500 $ 9,804,877 $ 9,458,793
See accompanying notes to financial statements.
116
VILLAGE OF GLENVIEW, ILLINOIS
Component Unit - Library Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended December 31, 1995 and Actual Only for 1994
1995 1994
Budget Actual Actual
Revenues
Taxes
Property taxes-current $ 2,961,327 $ 2,966,376 $ 2,801,460
Replacement taxes 33,000 38,419 32,458
Intergovemmental
capita grant 47,591 47,599
Per
Charges for services 67,500 51,691 56,706
Fines and forfeits 64,000 66,219 75,898
Interest 19,000 42,258 31,591
Miscellaneous
Donations - 33,367 36,688
Other - 4,463 6,191
Total revenues 3,192,418 3,250,392 3,040,992
Expenditures
Culture and recreation 2,851,473 2,630,473 2,450,588
Excess of revenues over expenditures 340,945 619,919 590,404
Other financing (uses)
Operating transfers (out) -
primary government
Library Bond Series of 1984 Fund (382,663)
Corporate Purpose Bond
Series of 1991 Fund (356,538) (356,538)
Capital Projects Fund (65,000) (65,000) (65,000)
(421,538) (421,538) (447,663)
Excess (deficiency) of revenues over
expenditures and other financing uses $ (80.593) 198,381 142,741
Fund balance
January 1 1,125,420 982,679
December 31
See accompanying notes to financial statements.
117
VILLAGE OF GLENVIEW, ILLINOIS
Component Unit - Library Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1995
Actual
Culture and recreation
Regular salaries $ 802,854 $ 726,194
Overtime salaries 2,000 871
Temporary salaries 678,561 681,635
Legal fees 1,500 798
Public information 11,700 10,739
Printing 6,065 4,165
Printing, binding, and publication 9,000 6,904
Power and lights 700 524
Heating 5,000 492
Postage 16,700 14,605
Telephone and telegraph 11,514 12,584
Dues and subscriptions 4,175 2,804
Maintenance of equipment 14,296 7,668
Maintenance of copiers 15,543 7,389
Maintenance of EDP equipment 31,900 28,681
On-line searching 6,400 8,948
Maintenance of buildings 41,908 52,171
Travel expense 11,735 4,259
Training 19,535 9,258
Trustee expense 2,500 1,694
Personnel recruitment 2,750 1,101
Director expenses 1,000 790
Library programs 16,013 16,676
19,210
12,847
Office supplies
Processing supplies 26,127 20,842
Circulation supplies 5,611 6,273
Audio visual supplies 4,950 4,087
Books, pamphlets, and materials 469,373 376,105
Periodicals 45,093 37,155
Audiovisual 49,970 47,110
Micro-form 25,670 23,282
Video tapes 29,600 27,525
Cataloging 40,700 29,815
Cleaning supplies 100 49
Contingencies 1,000 898
900 1,063
Other operating expenses
Machinery and equipment 82,668 105,320
185,852 185,852
Administrative support
Insurance 151,300 151,300
Total expenditures $ 2,851,473 $ 2,630,473
118
VILLAGE OF GLENVIEW, ILLINOIS
Component Unit - Library Fund
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
December 31, 1995
(with comparative totals for 1994)
1995 1994
General fixed assets
Land $ 500,000 $ 500,000
Buildings and improvements 4,116,088 4,103,826
Equipment 607,024 437,329
Furniture 277,388 277.388
$ 5,500,50.~0 $ 5,318,54~3
Investment in general fixed assets
General revenues $ 2,400,500 $ 2,218,543
Bond issues 3,100,000 3,100,000
$ 5,500,500 $ 5,318,5
119
VILLAGE OF GLENVIEW, ILLINOIS
Illinois Municipal Retirement Fund
Required Supplementary Information
Analysis of Funding Progress
December 31, 1995
(6)
(1) Unfunded
Net Pension
Assets Benefit
Available Obligation
for (4) as a
Benefits (2) (3) Unfunded (5) Percentage
(Lower of Pension Percentage Pension Annual of Covered
Fiscal Cost or Benefit Funded Benefit Covered Payroll
Year Market) Obligation (1) + (2) Obligation Payroll (4) + (51
1987 $ 2,930,396 $ 4,635,234 63.22% $ 1,704,838 $ 3,705,506 46.01%
1988 2,933,046 5,050,499 58.07 2,117,453 4,005,547 52.86
1989 3,527,092 5,869,171 60.10 2,342,079 4,426,475 52.91
1990 3,988,712 6,849,865 58.23 2,861,153 4,924,658 58.10
1991 5,079,052 7,308,562 69.49 2,229,510 5,362,109 41.58
1992 6,254,345 8,279,322 75.54 2,024,977 5,795,158 34.94
1993 7,161,743 9,128,558 78.45 1,966,815 6,142,697 32.02
1994 8,099,395 10,032,939 79.83 2,023,544 6,563,029 30.83
1995 10,863,388 11,630,135 93.41 766,747 6,977,866 10.99
(During the implementation transition period all irfformation required is presented for as many
years as is available.)
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation,
and unfunded pension benefit obligation in isolation can be misleading. Expressing the net
assets available for benefits as a percentage of the pension benefit obligation provides one
indication of funding status on a going-concern basis. Analysis of this percentage over time
indicates whether the system is becoming financially stronger or weaker. Generally, the
greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation
and annual covered payroll are both affected by inflation. Expressing the unfi.mded pension
benefit obligation as a percentage of annual covered payroll approximately adjusts for the
effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay
benefits when due. Generally, the smaller the percentage, the stronger the PEPS.
120
VILLAGE OF GLENVIEW, ILLINOIS
Police Pension Fund
Required Supplementary Information
Analysis of Funding Progress
December 31, 1995
(6)
Urffunded
(Assets in
Excess of)
(1) Pension
Net Benefit
Assets (4)
Available Unfunded Obligation
for (Assets in as a
Benefits (2) (3) Excess of) (5) Percentage
(Lower of Pension Percentage Pension Annual of Covered
Fiscal Cost or Benefit Funded Benefit Covered Payroll
Year .Market) ~ O) + (2) Obligation ~Payroll (4) + (52
1987 $ 8,223,642 $ 7,999,650 102.80% $ (223,992) $ 2,040,100 (10.98)%
1988 8,949,779 7,920,498 113.00 (1,029,281) 2,089,055 (49.27)
1989 10,095,845 8,550,352 118.08 (1,545,493) 2,282,311 (67.72)
1990 10,093,O95 8,915,058 113.21 (1,178,037) 2,373,700 (49.63)
1991 10,791,415 9,883,148 109.19 (908,267) 2,868,564 (31.66)
1992 11,693,308 10,795,402 10832 (897,906) 2,721,721 (32.99)
1993 12,603,771 12,780,370 98.62 176,599 2,890,155 6.11
1994 13,625,250 13,983,709 97.44 358,459 3,018,989 11.87
1995 14,823,582 15,119,055 98.05 295,473 3,209,144 9.21
(During the implementation transition period, all information required is presented for as
many years as are available.)
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation,
and unfunded pension benefit obligation in isolation can be misleading. Expressing the net
assets available for benefits as a percentage of the pension benefit obligation provides one
indication of funding status on a going-concern basis. Analysis of this percentage over time
indicates whether the system is becoming financially stronger or weaker. Generally, the
greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation
and annual covered payroll are both affected by inflation. Expressing the unfunded pension
benefit obligation as a percentage of annual covered payroll approximately adjusts for the
effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay
benefits when due. Generally, the smaller the percentage, the stronger the PERS.
121
VILLAGE OF GLENVIEW, ILLINOIS
Firefighters' Pension Fund
Required Supplementary Information
Analysis of Funding Progress
December 31, 1995
(6)
Unfunded
(Assets in
(1) Excess o0
Net Pension
Assets (4) Benefit
Available Unfunded Obligation
for (Assets in as a
Benefits (2) (3) Excess of) (5) Percentage
(Lower of Pension Percentage Pension Annual of Covered
Fiscal Cost or Benefit Funded Benefit Covered Payroll
Year Market) Obligation (1) + (2) Obligation Payr911 (4) + (5)
1987 $ 7,114,349 $ 5,993,554 118.70% $ (1,120,795) $ 1,285,510 (87.19)%
1988 7,770,501 5,891,304 131.90 (1,879,197) 1,304,443 (144.06)
1989 8,631,747 5,618,758 153.62 (3,012,989) 1,513,600 (199.06)
1990 8,628,996 6,154,764 140.20 (2,474,232) 1,638,158 (151.04)
1991 9,403,703 6,882,157 136,64 (2,521,546) 2,001,064 (126,01)
1992 10,532,848 7,643,219 137.81 (2,889,629) 2,481,233 (116.46)
1993 20,918,004 15,890,316 131.64 (5,027,688) 3,733,309 (134.67)
1994 25,036,500 18,064,023 138.60 (6,972,477) 3,262,812 (213.70)
1995 26,921,541 19,861,135 135.55 (7,060,406) 4,057,006 (174.03)
(During the implementation transition period, all information required is presented for as
many years as are available.)
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation,
and unfunded pension benefit obligation in isolation can be misleading. Expressing the net
assets available for benefits as a percentage of the pension benefit obligation provides one
indication of funding status on a going-concern basis. Analysis of this percentage over time
indicates whether the system is becoming financially stronger or weaker. Generally, the
greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation
and annual covered payroll are both affected by inflation. Expressing the unfunded pension
benefit obligation as a percentage of annual covered payroll approximately adjusts for the
effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay
benefits when due. Generally, the smaller the percentage, the stronger the PEPS.
VILLAGE OF GLENVIEW, ILLINOIS
Illinois Municipal Retirement Fund
Required Supplementary Information
Revenues by Source
December 31, 1995
Employer
Contributions
as a
Revenues by Source Percentage
Fiscal Employee Employer Investment of Covered
Year Contributions Contributions Income Totals Payroll
1986 $ 152,811 $ 245,516 N/A $ 398,327 ****%
1987 166,751 259,384 N/A 426,135 7.00
1988 180,252 280,388 N/A 460,640 7.00
1989 199,196 399,710 N/A 598,906 9.03
1990 221,613 521,029 N/A 742,641 10.58
1991 241,298 613,961 N / A 855,259 11.45
1992 260,785 678,613 N/A 939,398 11.71
1993 276,421 640,070 N/A 916,491 14.92
1994 295,336 683,868 N/A 979,204 10.42
1995 314,004 692,205 N/A 1,006,209 9.92
N/A - Not applicable
**** Not available
VILLAGE OF GLENVIEW, ILLINOIS
Police Pension Fund
Required Supplementary Information
Revenues by Source and Expenses by Type
December 31, 1995
Employer
Contributions
as a
Percentage
as a
Revenues by Source Percentage
Fiscal Employee Employer Investment of Covered
Year Contributions Contributions Income Totals Payroll
1986 $ 155,785 $ 530,381 $ 835,810 $ 1,521,976 28.09%
1987 173,746 474,199 805,820 1,453,765 23.24
1988 188,015 471,902 651,546 1,311,463 22.59
1989 205,408 152,076 1,159,038 1,516,522 6.60
1990 213,633 952 868,525 1,082,158 0.04
1991 234,979 26,039 1,070,563 1,331,581 0.90
1992 244,982 26,938 1,096,400 1,368,320 0.99
1993 260,114 247,148 1,070,563 1,577,825 8.56
1994 271,709 383,600 1,076,036 1,731,345 12.71
1995 288,823 396,439 1,159,970 1,845,732 12.35
Expenses by Type
Fiscal Administrative Refunds
Year Benefits Expenses and Other Totals
1986 $ 290,240 $ 15,203 $ $ 305,443
1987 305,476 4,384 11,312 321,172
1988 330,573 1,002 112,980 444,555
1989 364,756 5,185 369,941
1990 404,054 5,402 409,456
1991 418,578 4,692 6,413 429,683
1992 453,894 3,963 457,857
1993 485,743 4,672 490,415
1994 528,080 4,933 533,013
1995 572,846 3,713 13,757 590,316
124
VILLAGE OF GLENVIEW, ILLINOIS I
Firefighters' Pension Fund I
Required Supplementary Information
Revenues by Source and Expenses by Type
December 31, 1995 m
Employer
Contributions
as a m
Percentage
as a l
Revenues by Source Percentage
Fiscal Employee Employer Investment of Covered
Year Contributions Contributions Income Totals Payroll m
1986 $ 98,923 $ 342,227 $ 772,208 $ 1,213,358 26.81%
1987 111,604 290,435 843,509 1,245,548 22.59 I
1988 120,661 288,177 532,880 941,718 22.09
1989 124,872 39,040 824,334 988,246 5.90
1990 135,148 28,441 742,209 905,798 1.75 I
1991 145,147 47,393 1,088,346 1,280,886 2.37
1992 204,701 63,262 1,453,667 1,721,630 2.55
1993 307,998 109,670 4,071,581 4,489,249 2.94 I
1994 269,182 244,063 1,861,557 2,374,802 7.48
1995 334,703 267,750 2,895,501 3,497,954 6.60
I
Expenses by Type
Fiscal Administrative Refunds m
Year Benefits Expenses and Other Totals
1986 $ 93,919 $ 625 $ - $ 94,544 I
1987 94,748 858 32,813 128,419
1988 93,679 808 19,551 114,038
1989 142,093 2,900 144,993
1990 144,519 4,137 148,656
1991 146,210 5,532 151,742
1992 180,815 3,069 183,884 I
1993 349,510 21,243 370,753
1994 447,033 5,121 37,607 489,761
1995 602,903 2,945 605,848
I
1
I
125 m
VILLAGE OF GLENVIEW, ILLINOIS
Combined Schedule of Cash and Investments
December 31, 1995
(See Following Page)
·
VILLAGE OF GLENVIEW, ILLINOIS
Schedule of Insurance in Force ·
December 31, 1995
I
Expiration Insurance
Insured Description of Coverage Date of Policy Company
Village of Glenview London Package 12/31/95 Lloyd's of London
Companies
Property $ 1,000,000 1
Auto Physical Damage 1,000,000
General Liability
General Aggregate 1,000,(300 ·
Products/Completed
Operations 1,000,000
Personal/Advertising Injury 1,000,000
Each Occurrence 1,000,000 ·
Medical Expense 10,000
Employee Benefits 5~30,000
Police Professional 1,000,~00
Errors and Omissions 1,000,000
Auto Liability 1,000,000
Medical Payments 10,0(30 ·
Workers' Compensation
Coverage A Statutory
Coverage B 300,000
Crime I
Forgery/Alt. 100,000
Counterfeit Papers 100,000
12/31/95 Safety National
Excess
Workers'
Compensation
Coverage A Statutory
Coverage B 500,000
Excess Property I
Excess of Lloyd's Property 36,171,519 12/31/95 Travelers
Boiler & M~chinery 30,000,000 12/31/95 Kemper
Crime I
Primary Public Employee
Dishonesty 250,000 12/31/95 Kemper
Treasurers' Bond 1,000,000 04/13/96 Kemper ·
Library
Treasurers' Bond 1,000,0(30 04/19/96 Kemper
Drop Down 1,000,000 12/31/95 Lloyd's of London
Companies l
Excess Liability 10,000,000 4/30/98 High Level Excess
Liability Pool
The Government provides certain health and medical benefits to its employees through membership in
IPBC. I
I
128
!
VILLAGE OF GLENVIEW, ILLINOIS
Long-Term Debt Requirements
Corporate Purpose Bond Series of 1977
December 31, 1995
Date of Issue July 1, 1977
Date of Maturity January 1, 1998
Authorized Issue $4,525,000
Denomination of Bonds $5,000
Interest Rates Bonds 1 to 235 6.00%%
Bonds 236 to 320 4.60%
Bonds 321 to 365 4.80%
Bonds 416 to 465 4.90%
Bonds 466 to 905 5.00%
Interest Dates January 1 and July 1
Principal Maturity Date January 1
Payable at American National Bank and
Trust Company of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Bond ............. Tax Levy. .............................. Interest Due on ............
Year Numbers Principal Interest Totals |uly 1 Amount lan. 1 Amount
1996 761-830 $ 350,000 $ 36,250 $ 386,250 1996 $ 18,125 1997 $ 18,125
1997 831-905 375.000 18,750 393,750 1997 9,375 1998 9,375
~ ~ 55.000 $ 780.000 ~ 27.500 ~
Note: The principal and interest will be paid by Waterworks Fund.
129
VILLAGE OF GLENVIEW, ILLINOIS I
Long-Term Debt Requirements I
Corporate Purpose Bond Series of 1989
December 31, 1995 1
Date of Issue July 1, 1989 I
Date of Maturity December 1, 2004
Authorized Issue $8,000,000 * I
Denomination of Bonds $5,000
Interest Rates 1989-1991 6.10%
1992-1993 6.20%
1994-1995 6.25%
1996-1997 6.30% *
1998-1999 6.40% *
2000-2001 6.50% * I
2002-2004 6.60% *
Interest Dates June 1 and December 1 I
Principal Maturity Date December 1
Payable at American National Bank and
Trust Company of Chicago I
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax 1
Fiscal Levy Bond ............. Tax Levy ........................ Interest Due on ............
Year Year Numbers Principal interes~t Totals Iune 1 Amount Dec. 1 Amoun!
1996 1995 0481-0595 5 575.000 $ 36226 ~(~LL22~ 1996 ,~ 18.113 1996 ~' 18'113 I
!
I
· Bond principal and interest payments for the period June 1, 1997 through December 1, 2004 I
were refunded by the Corporate Purpose Refunding Bond Series of 1994. I
1
130 I
VILLAGE OF GLENVIEW, ILLINOIS
Long-Term Debt Requirements
Corporate Purpose Bond Series of 1990
December 31, 1995
Date of Issue May 1, 1990
Date of Maturity December 1, 2002
Authorized Issue $4,500,000 *
Denomination of Bonds $5,000
Interest Rates 1991 6.10%
1992 6.25%
1993 6.40%
1994 6.45%
1995 6.60%
1996 6.70%
1997 6.80%
1998 6.85% *
1999-2002 6.90%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable American National Bank and
at
Trust Company of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Fiscal Levy Bond ............. Tax Levy ............. Interest Due on ...........
Y~r Year Numbers Principal Inter~st Totals lune 1 Amount Dec. 1 Amount
1996 1995 286-355 $ 375,000 $ 54,025 $ 429,025 1996 $ 27,013 1996 $ 27,012
1997 1996 356-430 425,000 28.900 453.9{X) 1997 14.450 1997 14.450
· Bond principal and interest payments for the period June 1, 1998 through December 1, 2002
were refunded by the Corporate Purpose Refunding Bond Series of 1994.
131
·
VILLAGE OF GLENVIEW, ILLINOIS I
Long-Term Debt Requirements I
Corporate Purpose Bond Series of 1991
December 31, 1995 1
Date of Issue December 1, 1991 I
Date of Maturity December 1, 1999
Authorized Issue $4,165,000 ·
Denomination of Bonds $5,000
Interest Rates 1991-1992 4.40%
1992-1993 4.50% I
1993-1994 4.70%
1994-1995 4.70%
1995-1996 4.90% I
1996-1997 5,00%
1997-1998 5.00%
1998-1999 5.10% i
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at American National Bank and
Trust Company of Chicago I
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS I
!
Tax
Fiscal Levy Bond .............. Tax Levg ................................ Inter~t Due on ..............
Year Year Numbers Princir>al Interest Totals Tune 1 Amount Dec. 1 Amount I
·
1996 1995 390-532 $ 715,000 $ 110,670 $ 825,670 1996 $ 55,335 1996 $ 55,335
1997 1996 533-666 670,000 75,635 745,635 1997 37,818 1997 37,817
1997 667-756 450,000 42,135 492,135 1998 21,067 1998 21,068 I
1998
1999 1998 757-833 385,000 19,635 404,635 1999 9~817 1999 9~818
15 2.220.000 ~ ~ 2.468.075 $ 124.037
I
I
Note: The above bond issue is to be retired annually by the Waterworks Fund (79%) and the I
Library Fund (21%). The bonds payable are: $1,753,800 by Waterworks Fund and
$466,200 by the Corporate Purpose Bond Series of 1991 Fund. I
I
132 I
VILLAGE OF GLENVIEW, ILLINOIS
Long-Term Debt Requirements
Corporate Purpose Bond Series of 1992
December 31, 1995
of Issue April 1, 1992
Date
Date of Maturity December 1, 2012
Authorized Issue $2,895,000
Denomination of Bonds $5,000
Interest Rates 1994 4.30% 2002 6.10%
1995 4.75% 2003 6.20%
1996 5.10% 2004 6.30%
1997 5.25% 2005 6.40%
1998 5.50% 2006 6.50%
1999 5.75% 2007-2008 6.55%
2000 5.90% 2009-2012 6.60%
2001 6.00%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at American National Bank and
Trust Company of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Fiscal Levy Bond ...................Tax Levy ................................. Inter~st Due on ...............
Year Year Numbers Principa[ Interest Totals Iune 1 Amount Dec. 1 Amount
.1996 1995 039-057 $ 95,000 $ 169,718 $ 264,718 1996 $ 84,859 1996 $ 84,859
1997 1996 058-077 100,000 164,874 264,874 1997 82,437 1997 82,437
1998 1997 078,098 105,000 159,624 264,624 1998 79,812 1998 79,812
1999 1998 099-120 110,000 153,848 263,848 1999 76,924 1999 76,924
2000 1999 121-144 120,000 147,524 267,524 2000 73,762 2000 73,762
2001 2000 145-169 125,000 140,444 265,444 2001 70,222 2001 70,222
2002 2001 170-195 130,000 132,944 262,944 2002 66,472 2002 66,472
2003 2002 196-224 145,000 125,014 270,014 2003 62,507 2003 62,507
2004 2003 225-254 150,000 116,024 266,024 2004 58,012 2004 58,012
2005 2004 255-286 160,000 106,574 266,574 2005 53,287 2005 53,287
2006 2005 287-320 170,000 96,334 266,334 2006 48,167 2006 48,167
2007 2006 321-366 180,000 85,284 265,284 2007 42,642 2007 42,642
2008 2007 367-395 195,000 73,490 268,490 2008 36,745 2008 36,745
2009 2008 396-437 210,000 60,720 270,720 2009 30,360 2009 30,360
2010 2009 438-481 220,000 46,860 266,860 2010 23,430 2010 23,430
2011 2010 482-528 235,000 32,340 267,340 2011 16,170 2011 16,170
2012 2011 529-579 255,000 16,830 271,830 2012 8,415 2012 8,415
~; 5.705.000 ,~ 1,1g~8.4~16$ 4.533.446 .~ 9~4223
The above bond issue is to be retired annually by Wholesale Water Fund.
Note:
133
VILLAGE OF GLENVIEW, ILLINOIS
Long-Term Debt Requirements
Corporate Purpose Bond Series of 1993
December 31, 1995 1
Date of Issue May 1, 1993 I
Date of Maturity December 1, 2005
Authorized Issue $7,635,000
Denomination of Bonds $5,000
Interest Rates 1994 4.60% 2000 4.60%
1995 4.60% 2001 4.60%
1996 4.60% 2002 4.60%
1997 4.60% 2003 4.60%
1998 4.60% 2004 4.60%
1999 4.60% 2005 4.70%
1
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at American National Bank and
Trust Company of Chicago
I
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax I
Fiscal Levy Bond ............... Tax Levy .................................... _Interest Due on .............
Year Year Numbers Principal Interest Totals Iune 1 Amount Dec. 1 Amount
1996 1995 039-057 $ 215,000 $ 343,126 $ 558,126 1996 $ 171,563 1996 $ 171,563
333,236 623,236 1997 166,618 1997 166,618 1
1997
1996
058.-077
290,000
1998 1997 078-098 570,000 319,896 889,896 1998 159,948 1998 159,948
1999 1998 099-120 590,000 293,676 883,676 1999 146,838 1999 146,838
2~00 1999 121-144 610,000 266,536 '876,536 20(30 133,268 20(30 133,268 ·
2001 2000 145-169 700,000 238,476 938,476 2001 119,238 2001 119,238
2002 2001 170-195 790,000 206,276 996,276 2002 103,138 2002 103,138
2(303 2002 196-224 1,125,000 169,936 1,294,936 2003 84,968 2003 84,968
2004 2003 225-254 1,195,000 118,186 1,313,186 2(304 59,093 2004 59,093 I
2005 2004 255-286 1,345,(300 63,216 1,408,216 2005 31,608 2005 31,608
$ 7.430.000 ~ Z35Z560 ~ 9,78Z560 ~ $ 1.176.280
!
!
!
1
VILLAGE OF GLENVIEW, ILLINOIS
Long-Term Debt Requirements
Corporate Purpose Bond Series of 1994
December 31, 1995
Date of Issue September 15, 1994
Date of Maturity December 1, 2004
Authorized Issue $8,040,000
Denomination of Bonds 55,000
Interest Rates 1994 4.00% 2000 4.85%
1995-1997 4.40% 2001 4.90%
1998 4.60% 2002 5.00%
1999 4.75% 2003-2004 5.10%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at American National Bank and
Trust Company of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Fiscal Levy Bond ................. Tax Levy_ ................................ Interest Due on ...............
Year Year Numbers Principal Interest Totals |~xne 1 Amount Dec. 1 Amount
1996 1995 0021-0036 $ 90,000 $ 382,770 $ 472,770 1996 $ 191,385 1996 $ 191,385
1997 1996 0037-0174 690,000 378,810 1,068,810 1997 189,405 1997 189,405
1998 1997 0175-0406 1,160,000 348,450 1,508,450 1998 174,225 1998 174,225
1999 1998 0407-0649 1,215,000 295,090 1,510,090 1999 147,545 1999 147,545
2000 1999 0650-0904 1,275,000 237,378 1,512,378 2000 118,689 2000 118,689
2001 2000 0905-1135 1,155,000 175,540 1,330,540 2001 87,770 2(301 87,770
2002 2001 1136-1367 1,160,000 118,945 1,278,945 2002 58,472 2002 59,473
2003 2002 1368-1485 590,000 60,945 650,945 2003 30,472 2003 30,473
2004 2003 1486-1608 605,000 30,855 635,855 2004 15.427 2004 15,428
5; 7.940.0G0 5; 2.028.783 ~, 9.968.783 $ 1.014.390 5; 1.014.383
135
VILLAGE OF GLENVIEW, ILLINOIS
Long-Term Debt Requirements
Corporate Purpose Bond Series of 1995
December 31, 1995
Date of Issue October 17, 1995
Date of Maturity December 1, 2000
Authorized Issue $500,000
Denomination of Bonds $5,000
Interest Rates 1996 3.55% 1999 4.10%
1997 3.80% 2000 4.20%
1998 4.00%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at American National Bank and
Trust Company of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Fiscal Levy Bond ................. Tax Levy ........................... Interest Due on ...........
Year Y~or ~ ~ lnteres~ Totals lunel Amount Dec. 1 Amount
1996 1995 1-20 $ 100,000 $ 22,926 $ 122,926 1996 $ 11,463 1996 $ 11,463
1997 1996 21-40 100,000 16,100 116,100 1997 8,050 1997 8,050
1998 1997 41-60 100,000 12,300 112,300 1998 6,150 1998 5,150
1999 1998 61-80 100,000 8,300 108,300 1999 4,150 1999 4,150
2000 1999 81-100 ~00.000 4.200 104200 2000 ~ 2000
~ F-cliO.000 ~ ~ ~ 31.913
136
VILLAGE OF GLENVIEW, ILLINOIS
Long-Term Debt Requirements
General Obligation Bond Anticipation Bond Series of 1995
December 31, 1995
Date of Issue January 15, 1995
Date of Maturity December 1, 1999
Authorized Issue $60,000,000
Denomination of Bonds $5,000
Interest Rates 1996 6.25% 1998 5.50%
1997 5.40% 1999 5.55%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at American National Bank and
Trust Company of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
l;iscal Levy Bond Tax Levy Interest Due on
Year Year Numbers Principal Interest Totals June 1 Amount Dec. 1 Amount
1996 1995 1-1,500 $ 7,500,000 $ 5,351,250 $ 10,851,250 1996 $ 1,675,625 1996 $ 1,675,625
1997 1996 1,501-4,500 15,000,000 2,882,500 17,882,500 1997 1,441,250 1997 1,441,250
1998 1997 4,501-8,000 17,500,000 2,072,500 19,572,500 1998 1,036,250 1998 1,036,250
1999 1998 8,001-12,000 20,000,000 1,110,000 21,110,0~30 1999 555,0~0 1999 555,000
137
VILLAGE OF GLENVIEW, ILLINOIS
Property Tax Rates - Direct and Overlapping Governments -
Last Ten Fiscal Years
December 31, 1995
(See Following Page)
VILLAGE OF GLENVIEW, ILLINOIS
Schedule of Legal Debt Margin
December 31, 1995
Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt
'~'he General Assembly may limit by law the amount and require referendum
approval of debt to be incurred by home rule municipalities, payable fTom ad valorem
property tax receipts, only in excess of the following percentages of the assessed value
of its taxable property ...(2) if its population is more than 25,000 and less than 500,000
an aggregate of one per cent: ...indebtedness which is outstanding on the effective
date (July 1, 1971) of this constitution or which is thereafter approved by
referendum...shall not be included in the foregoing percentage amounts."
To date the General Assembly has set no IL, nits for home rule municipalities.
144
VILLAGE OF GLENVIEW, ILLINOIS
Demographic Statistics
Last Ten Fiscal Years
December 31, 1995
I
Education I
Level in
Per Per Years of (2) (3)
Fiscal (1) Capita Median Formal School Unemployment I
Year Population Income Age Schooling Enrollment Percentage
1986 36,375 $ 18,741 33.6 15.7 2,701 4.2% I
1987 36,400 19,490 33.9 15.9 2,794 4.1
1988 36,400 21,429 34.5 16.4 2,963 4.1 I
1989 36,400 22,350 34.7 16.5 3,024 3.5 I
1990 38,437 22,791 34.9 16.4 3,121 3.5
1991 38,437 24,838 35.5 16.6 3,015 4.2 I
1992 38,437 30,531 37.5 16.4 5,887 4.8
1993 38,437 30,531 37.5 16.5 5,937 4.6
1994 38,437 30,531 37.5 16.5 6,023 3.6
1995 38,437 30,531 37.5 16.5 6,084 2.9
I
I
1
Data Sources
(1) U.S. Department of Commerce, Bureau of the Census, 1990 Census. I
(2) Includes elementary and high school students. I
(3) Illinois Department of Labor, Illinois Department of Employment Security.
I
147 I
VILLAGE OF GLENVIEW, ILLINOIS
Miscellaneous Statistics
December 31, 1995
Incorporation June 20, 1899
Council-Manager
of Government
Geographic Location 20 Miles North of Chicago
13 Square Miles
Population 6,142
1950 (1) 18,132
1960 (1) 22,364
1963
1970 (1) 24,880
30,552
1975 32,060
1980 (1)
1984 34,225
1985 34,500
1986 36,375
1987 36,400
36,400
1988 36,400
1989
38,437
1990 (1) 38,437
1991 (1) 38,437
1992
1993 38,437
1994 38,437
1995 38~437
Number of Total Housing Units (1993 Census) 11,399
Median Value Owner-Occupied Noncondominium Housing Units $ 252,640
Distribution of Owner-Occupied
Noncondominium Houses by Value
Unit Value b~ _Unit Distribution
Number Percent
Under $100,000 378 4%
100,000 - 199,999 3,359 35
200,000 - 299,999 2,805 29
300,000 or More 3,000 31
9.542 99%
The above information from the Bureau of the Census, other years estimated.
149
VILLAGE OF GLENVIEW, ILLINOIS
Miscellaneous Statistics
December 31, 1995
Fire Protection
Number of Firefighters 79
Number of Stations 3
Number of Fire Hydrants 2,250
I.S.O. Rating Class 3
Police Protection
Number of Police Officers 67
Number of School Crossing Guards 19
Number of Stations 1
Library Services
Number of Libraries 1
Number of Books 248,252
Number of Records 3,153
Number of Audio Cassettes 7,802
Number of Slides (sets) 330
Number of Video Tapes 5,225
Number of Compact Discs 6,312
Number of Registered Borrowers 32,830
1995 Book Circulation 718,414
Recreation Facilities
Number of Parks and Playgrounds 34
Park area in acres - Park District owned 168.25
area acres - Park District leased 125.00
Park
Mtmicipal Parking Facilities
parking spaces 666
Number
of
Waterworks
Fund
Waterworks operations
Number of sewer customers served during fiscal year 9,440
Number of metered water customers at December 31, 1995 13,517
Number of unmetered water customers at December 31, 1995
Gallons of water purchased during fiscal year 3,179,690,000
Gallons of water billed during fiscal year 2,979,369,530
Water Storage Capacity
Ground Storage 8,500,000 gallons
Elevated Storage 1,000,000
gallons
150
VILLAGE OF GLENVIEW, ILLINOIS
Miscellaneous Statistics
December 31, 1995
Number of Full Time Employees (on December 31, 1995) 282
Miles of streets maintained by Glenview
identified by functional classification:
Arterial 5
Collector 106
Residential 12
Cul-De-Sacs
Total 130
Miles of streets maintained by Glenview
identified by surface type:
92
Asphalt 38
Concrete
Total 130
M les of alleys maintained by Glenview 2.2
M les of streets within the Village of
'.lenview maintained by Cook County 22
r the State of Illinois
85
Lies of sanitary sewers 74
1~ Lies of storm sewers
N anber of Village owned street lights 267
B llding activity 1,363
Number of Permits issued in 1995 $ 42,515,807
Value of Construction authorized in 1995
151
VILLAGE OF GLENVIEW, ILLINOIS
Major Corporate Fund Revenue Sources
Non - Real Estate Tax
December 31, 1995
% of % of % of
Sales Total Utility Total Income Total
Year Tax .Revenue Tax Revenue Tax Revenue
1985 $ 2,462,183 30.2% $ 1,999,838 24.5% $ 723,008 8.8%
1986 2,815,209 28.7 2,066,996 21.1 804,896 8.2
1987 3,178,578 30.3 2,119,255 20.2 900,124 8.6
1988 3,132,518 30.3 2,202,445 21.3 952,708 9.2
1989 3,425,477 28.8 2,414,772 20.3 1,406,056 11.8
1990 3,287,825 25.6 2,419,761 18.9 1,345,428 10.4
1991 3,358,151 28.5 2,687,159 22.8 1,605,474 13.6
1992 3,608,071 26.7 2,744,525 20.3 1,651,925 12.2
1993 4,188,116 29.4 2,876,149 20.2 1,966,124 13.8
1994 4,438,932 31.52 2,512,867 17.9 2,157,707 15.3
1995 4,843,071 27.36 2,935,696 16.5 2,266,279 12.8
Note: Includes General, Special Revenue and Debt Service Funds, and Component Unit
Library Funds.
153
I VILLAGE OF GLENVIEW
Cook County, Illinois
I ANNUAL FINANCIAL INFORMATION
I STATEMENT OF INDEBTEDNESS
Amount As Per Cent <=f per Capita
I Applicable as of Assessed Estimated (1995 Est.
Dec. 31. 1995 Value True Value Poo. 38.100~
Assessed Valuation of Taxable ReaI Property, 1994 ............ $ 931,548,998 I0~00% 3333% $2~45~10
Estimated True Value of Taxable Real Property, 1994 .......... 2,794,64~99~ 30A00% 10~0g'.4 73,3SA31
Direct GeneraJ O~ga~on Bonded Debt(/):
i Payable from Properly Taxes .......................... $ 14,975,000 1.6I% .54% $ 393.04
Self-Suppofffing Debt(2) ........... ................... 7.920.000 .85% .28% 2~]7.88
Total Direct Bonded Debt .......................... $ 22,895,000 2_46% .8~'/= $ 600,92
Overlapping Bonded Debt Payable from Prcperiy Taxes(3):
Schools ........................................ $ 20,913,812 224% .75% $ 548.92
I O~her Than Sch~:x~ls ................................ 38.056.138 4.09% 1.36% 998.B5
Total Overlapping Bonded Debt ...................... $ 58.969.950 6.33% 2.11% $ 1,547,77
Total Direct and Overlapping Bonded Debt .................... $ 81.864.950 8.79% 2.93% ~
Total Direct and Overlapping Excluding Self-Supporting ....... $ 73,944,950 7.94% 2.65% $ I,~81
I Notes: I, The Village is a home rule unit under the 1970 Illinois Constitution and as such has no debt limit nor is required to seek referendum approval for
the issuance of general obligation debt. See "Retirement Schedule of Outstanding Village General Obligation Debt' below for a listing of the
V"fllage's non-general obligation debt and currently outstanding general obligation debt.
2 TheVi~agehasch~sen~nthepastt~fundcedeinprojectswithgenera~b~igati~nb~ndsandabatethetaxesthereon~rom~therrevanues~ For
i additional detail on the Village's seff-suppoflYng general obliga~bn debt, see table below.
3 See"DetailedOva#appthgBondeqthdebtednessPayabtaFromPreberiyTaxesatDecember31, 1995"below.
i RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION DEBT(Note 1)
(As of December 31,1995)
Princioal Amounts Tax Levies
I Self Supporting With Projected Of Bonds
Abatement From Water and Sewer Funds(~) Projected
Cai- Paid From Series Seriea Series Series Series Series Series Total From
endar Properly 1977 1989 1990 1991 1992(4) 1994(5) 1995 Cumul. Levy Property
i Year Taxes(3} 1-1(6) 12-1 12-1 12-1 12-1 12-1 t2-1 Amount Percent Year Tm(es
1996 $ 1245,000 $ - 0 - $200,0(X] $ 85,(XX) $ 415,000 $ 95,000 $ 25,000 $100,{~(X) $ 2,165,000 9.5% 1996 $1,975,757
1997 1~:~0,000 350,000 - 0 - 95,000 430,000 100,000 230,000 100,000 2,625,000 20.9>/= 1997 1,972,737
1998 %385,000 375,000 - 0 - 450,(:X]0 105,000 345,000 100,000 2,7c00,000 33.0% 1998 1,964,027
1999 1,440,000 - 0 - 385,000 110,000 365,000 100,000 2,4~0,000 43.5°/= 1999 1,961,512
2001 1,575,000 125,000 280,000 - 0 - 1,980,000 61.3% 2001 1,954,970
20~2 1,645,000 130,000 305,000 2,080,000 70.4% 20~2 1,945,880
2003 1,715,000 145,000 - 0 - 1,860,000 78.5% 2003 1,949,040
i ~004 1,800,000 150,000 1,950,000 87.0% 2004 1,408~215
2005 1 ~345,000 160,000 1,506,000 93.6%
2006 - 0 - 170,000 170,000 94.3°/=
2{~07 180,0~0 180,000 95.1%
i 2{~8 195.000 195,000 96.0°/.
2D(29 210,0(~0 210,000 96.9%
~010 220,000 220,000 97.9°/.
2011 235,000 235,000 98.9%
2012 255.000 255.000 100.0%
I $14,975,000 $725,000 $200,000 $180,000 $1,680,000 $2,705,000 $1,930,000 $500,000 $22,895,000
Notes: 1. Exc~udes the Vifiage~ 5~73% ~hare ~f a High-Leve~ Excess Liabi~i~y Pon~ (the Agancy) or~7aaized on Ap#~1~ 1987 as a joint saif-
insurance pool ~r the purpose ~f sealdng the prevanfion or !eesening of §abfiity claims for inju#es to parsons or property or claims for
i erroreandoroissionsmadeagamstMembersandotherparties~thinthescopeof~",eAgency. Therearecun'entiy23rnembereofthe
Agency. Not shown ara several industdai development revenue bonds which bonds are fully secured by the benefiting entities. Also
excludes the ~"tilage's $60,000,000 Series 1995 General Obligabon Bond An~cipaffan Bonds, Se#es 1995 due $15,000,000 on December
1, 1997, $17,500, O00 on December1, 1998 and $20,ooo, ooO on December1, 1999. Proceeqs of the Bond Anficlpalion Bonds were useq
to capitalize interest to the respective roatudty dates and pro~ide funds to complete the infrastructure improvements to enable the
redevek~pment of the now closed Gtenview Nava~ Air Stalion. Proceeds from the sale of land at the Glenv~ew Naval Air Station will be
I used to pa), the Bond Anficigation Bonds at their final mutually. The $1,266,830 principal amount of epecial sen4ce area bonds, the
p/~eeds o_f which have beeq used for .v_ar~ous neighbod'~.tocai ~p. m. vamenta,~.d w.,~.c~, are secured by properb/ taxes to be levfed
~n the appficable sdeclai servlca eroas, is shown as overlapping debt ~n the table Detailed Oveqapptng Bonded Indebtedness Payable
Fmrn Property Taxes;
2. Asah~meru~eunitunderthe197~tiinaisC~ns~u~n~theviliagehasn~debtfimitanditcanissuegenera~b~igationbondswith~ut
I referendum. The Vifiage has chosen to fund vadous water/sewer impro~ments with generalobligation bonds and abate taxes from
user charges. The Village has annually abated taxes on its self-supporting bonds and paid the debt sen, ice from water and sewer
154
!
cha~'ges. TheVi~age'swatersystemservesa~p~-~u~atfon~`~app~m~ate~y62~f`whk;happr~x~nately24~a~ou~detheViliage
limits (1X, O00 in untncorporated areas and 7, GO0 in the ~zans UtiliZes seneca area).
3 includes remaining ma~urities for the Village's outstanding Sedes 1989, Sedes 1990 Sedes 1991, Sedes 1993 a.n.d Sen.'.e.~ 1994 issues.
4. These Bonds are payable primarily from revenues of the sen4ce area of a p#vate water company outside the Village J~m~ts.
~ TheViliages~ld$8,040, OOOGeneralObliga~onRefundingBonds, Series1994onAugust30, 1994. Apottionoftheissueispayabts
from propedy taxes and the remainder is self-supporting from water/sewer revenues.
E~ The January1, 1996 principal payment of $325,000 was considered paid as of December 31, 1995 because funds had besn tmnsterred
Io ~e pay~g agent.
DEBT RATIOS AND PER CAPITA DEBT--LAST TEN BOND SALES (Note 1)
R~tio to Estimated Actual Value/lf --.~--
__ J~J~2.[~ ' ' i t '
Including Excluding Including Excluding Including Excluding
Vlllaae Issue Self- Self- Self- Self- Self. Self-
SsteDate Amount ~uooortin~ Suooortino~'2~ Suooortlna Suooortin~.r'2J Suooortina Suooortina/'2}
October 18, 1979 ......... $ 5,700,000 2.41% .42% ' 4.01% 2.02=/0 $ 674.55 $ 339.63
July 2, 1984 ............ 3,100,000 1.30% .44% 2.60% 1.74% 806.33 54023
June 20,19~9 ........... 8,000,000 1.34% .68% 2.B7% 221% 1,043.87 801.69
May 1, 1990 ............ 4,500,000 1.53% .83% 3~23% 2.63% 1,229.81 964.91
November 19, 1991 ....... 4,165,000 .91% .50% 2.64% 2.23% 1,532.82 1,295;'4
April 7, 1992 ............ 2,895,(X~0 1.03% .50% 2.78% 2.25% 1,614.07 1,304.18
May 18, 1993 ........... 7,635,000 1.23% .7-/% 3.31% 2.85% 1,962.19 1,690.55
August 30, 1994 .......... 8,025,000(3) .94% .60% 3.00% 2.66% 2~29.73 1,978.80
January 25, 1995 ......... 60,000,000(4) .87% .57% 2.9~0/o 2.68% 2~19,67 1,995.53
October 17, 1995 ......... 500,000 .89% .57=,/° 3.17% 2-85% 2,360.61 2,123.34
Notes: 1. Ratios and per capita information as set out in applicabte Official Statamants. As set out on the cover page of thts Official
Statement, the Bond An~cipa~fon B~ds now bein~ ~.~ued are not incJuded in these ra~s.
~ ExciudingtheVillage'sself. suppo~nggenemlabligabonbondeddebt..
Rnal issue ~ was $8,040,000. . .
redevelopment c~sts of the Glen~ew Naval.Air ~tatian ~lcn crucially c~eseg on ~up~ux,uu~ ~, . .... ~
Bond AnScipation Bonds was not included th the debt rabbs and per capita data.
DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES
AT DECEMBER 31, 1995
Percent of Village's Applicable
Village's Share (Note 1)
1994 Real cf Gross Debt To Be Paid
Propert7 in Gross From Real Pro~rtv Taxes
SCHOOL DISTRICTS: Taxino Body Bonded Debt Percent ~mount
Elementary Districts:
Glenview School District No. 34 ...... , .......... 71.1% $11,100,000 85.733% $ 9,516,363
Northbrook School Dis~ct No. 30 ................ 10.0% 8,135,000 33.599% 2,733~/9
West Norlhfield School Distdct No. 31 ............. 8.3% 10,135,000 20.191% 2,046,358
Wilmette School District NO. 39 ................. 3.3% 1,160,000 4.928% 57,165
Golf School District No. 67 .................... 2-8°/° 2,015,000 15.278% 307,952
East Maine School Distdct NO. 63 ................ 2.7% 24,815,000 4,13(7'/o 1,024,960
Avoca School District No. 37 ................... 1,~/~ 6,100,000 7.643% 466~23
100.0%
High School Districts:
~Nodhfistd Township High School Dist~ct No. 22~0~ ..... 88.8% 10,675,000 34.152% 3,945,726
New Trier Township High School District No. 3 .... 5.1% 23,945,000 2.43b'~/o 561,376
Niles Township High School District No. 219 ....... 3.4% 16~05,000 1.415% 230,150
Maine Township High School Dis~ict No. 207 ....... 2.7% 5,670,000 1.913% 57,437
100.0%
Co~nmunity College District: 267.0'23
Oakton Community C~isge No. 535.. 100.0% 2,925,000 9.129%
............ $20,913,812
Total School Districts ..........................................................
OTHER THAN SCHOOL DISTRICTS: 100.0% $1~42,170,000 12,74% $18,441,416
Cook County, Including Forest Pre,eryc District ........
Me~'opolitan Water Reclamaf~oo Dts~ct ...... 100.0% 1,191,680,000 1.404% 16,731,187
Gle nview Park District .................. 99.1% 1 ~75,000 81.570% 1,121,588
Northbrook Park Distflct ................. ::::::: .5°1o 740,000 .35ZYo 2,605
8.4% 1,360,000 27.561% 374,830
NorthflaidNor~ MaineWmXlSFire P rotectionSanitary Dist~ictDistrict ................... .5% 4,995,000 2.356% 117,682
Glenview Special Sauce Areas .................. Various 1,266,830 100.000%
Total O~her Than School Dist~cts .................................................. $38,056,138
,,,otc.._'- ".,,enere ' ,, .,,tfo,,,a,fon w,,,',,..,s a.d notes tseued te
;~ Excludes the following 'Altemate Bonds' issued pureuant t° Public Act 85'1419' whfoh are considered te be ssif-
suppor~lg since they are payable f..ro.m. ~ser~ f~e_e~s, or..~o~ther pledged non-preparly tax sources: Glenvfew Park Distdct -
$18,015,000; and Northbronk Park ~t- ,~ ~ ~,/ou, u~v.
EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1)
Tax Net Percent
Real
Pre~rty
Levy Less for Taxing Increase Over
Year Gros~ Exemotionsl2} Purooses Prior Year
19~0 ............ $ 742,089,241 $40,739,096 $701,350,145 +10.4%
1991 ............ 808,585,606 55,162,415 753,423,191 +7.4%
1992(3) .......... 969,052,192 56,349,750 912,702,442 +21.1%
1993 ............ 1,001,673,951 56,613,250 945,060,701 +3.5%
1994 ............ $89,104,798 57,555,8~0 931,548,998(4) -1.4%(4)
Notes: 1. Proper~yin~kc~untyisseparatedint~eightc~assft~a~lansforassessmentpurp~ses(rangingin1985fr~m
16% for residential to 40% for cornmemial property). After the assessor establishes the fair rnarket value ora
parcel of land, that value is multiplied by one of ihs classification percentages to at, ye at the assessed valuation
for that parcel. The Illinois Department of Revenue furnishes each county with an adjustment factor (the
equalization factor) to equalize the level of assessment between counties. After the equalization factor is
applied, the valuation of the property for taxing purposes has been estabfished--ta.~ rates are applied to the
equalizeq valua~on. On May 19, ~ 98~, the County Board approved the reduction of the assesseq valuaEon ({hat
amount determined before equalization) of commercial and thdustdal property--the 1985 assessment ratio for
industdel properties was 40% and dropped 1% per year until it reached 36% in 1989 and the 1985 assessment
ra#o for cornme~Jal propefl~s was 40% ~nd dropped ~/2 o~ ~ % p~r year until it reached 38% in 1989.
2 IncJudes two major categones of exemptions: the Senior C~zens Homestead Exemp§on ($6,965,000 in 1994)
and the Ganeral Homestaad Exemp#on ($50,590,800 th 1994). The Senior Citi~ens' Homestead Exemption,
effectiva for ~ y~.ars 1~91 and foll~wthg, is a reduction of $2,500 ($1,500 in levy years 1972-1983 and $2,000 in
levy years 1984-1990) ~n the equalized assessed value#? o~ rea/praperty owned and occupied by a parson 65
years of age or older. The General Homestead Exempt~on ~s available to owner-ocoupled rasidential property;
the amount of the exemption is lhe increase in the current yea~s equalized assessed valuation above the 1977
tax year equalized assessed valuation, with a maximum of $1,500 in 1978, $6,000 between 1979 and 1982,
$3,500 between 1983-1990 and $4,500 theraafter. Levy year1994 marked the first year of the Senior Ci#zen
Tax Freeze Homestead Exemption which provfdes that persons 65 or older with a household income of less
than $35,000 may receive an exemption in the arnsont of the difference between the current equalized assessed
value of each p#ncipal residence and the greater of fi) the 1993 equalized assessed value of the residence plus
the value of subsequent improvements or (ii) the equalized assessed value in the year the senior cilizen
becomes eligible for the exemption plus the vaJue of subsequent impravements. The 1994 value of the Senior
Citizens Tax Freeze Homestead Exemption for properties in the Village was $- 0 -.
3 ~nequarter~fthec~untywastraditional~yreassessedeachyearonarapea~ngquadrannial~ula~ OnMay
5, 1986, the County Board redistricted the assessment disthcts, separating the City of Chicago from suburban
Cook County as a slep toward reassassing on a tdannial basis, The Village was reassessed in 1989 and again
in 1992.
4. By valuation, 81.8% of the Village is in Northfield Township, 6.8% is in Niles Township, 8.4% is in Maine
Township, and 5.0% is in New Trier Township. Includes $41,706 of Railroad Property now classified as Real
equalization racier mr Cook (.;oonty (from 2.1407in lavy year 1993 to 2.1135 in levy year 1994).
Prol~rty.. ~ dec,.ease in e~ualiz, ed assessed valua~n was primarily due to a 1.3% drop in the State-imposed
$100 EQUALIZED ASSESSED VALUATION
TAX
RATES
PER
(Levy Years)
Village of Glenview: 1990 1991 1992 199~ 1994
Bonds and Interest ....................... $ .132 $ .209 $ .113 $ .171 $ .137
Pensions (Police, Fire, IMRF & Social Security) ... -563 .075 .064 .120 .179
Corporate .............................. .359 ,z~ ,4~ .400 .393
Total Village(I) ....................... $ .554 $ .747 .577 $ .691 $ .709
Cook County (Incl. Forest Preserve) ................ 1.148 1.1134 1
Metropolitan Water ReclamalJon District ............. ,525 .482 .470 .471 .495
G en~sw S.D. Number 34 ....................... 2.863 3.123 2.703 2.89~ 3.179
Not.field Township H.S.D. Number 225 .............. 1.825 1.884 1.718 1.826 2.023
Oakton Communi~' College Dist. Number 535 .......... ~ 274 239 248 255
Glenview Park District ........................... 4~6 .477 .443 .4.59 .488
Ubrary(2) .................................. .313 .314 .282 ,300 328
Nortflfield Township and AJI Other .056 ,10~ .0SO ,107 .091
Total(3) ............................ $7.892 $8.5139 $7.751 $8.(Z~8 $8.634
Village as a Percent of Total 7.0% 8.8% 7.4% 8.6% 8.2=/°
Notes: 1. As he, ne unit under the 1970 I[IthoL~ the has
Village
tax
rate
lin~'taflons.
~ B. egin. n~n~7.!.n levy year 1985, the tax rate for Libra/y purposes ts considered under State law to be a separate levy
TAX EXTENSIONS AND COLLECTIONS
(Village Purposes Only)
Total Taxes Coflected as
Levy Collection Total Taxes f r h 1
Year Year ~ ~,~ount (2) Percent
1989 ....................... 1990 $3,289,749 $3,303,438 100.42%
1990 ....................... 1991 3,885,480 3,900,908 100.39%
1991 ....................... 1992 5,628,071 5,620,788 99.8'~/o
1992 ....................... 1~3 5~6,293 5,239,425 99.49%
1993 ....................... 1994 6,530,369 6,504,902 99.61%
1994 ....................... 19~5 6,604,682 6,523,588 98.77%
1. Tax payments, including ~te payments end proceeds from tax sales, are shown as collections in
Notes:
the year when due. The 'Amount Collected is not the same as distdbutiens to the Village as tax
refunds (pursuant lo court orders, first time homestead exemptions, o~3er exemptions, etc.) are
deducted from 'Amount Collected' of ~he year in which the refund is made regardless of the tax
year for which ~he refund is applicable,
~ Cook Countyproperly taxes are payable in ~wo installments: the fi?.,,l on_~am..h ~ aqd?e
on the latter of August 1 or 30 days after the mailing of the tax pt/IS. I ne r~rsr/nstasmenr/s an
es~mated bill and is ene-half of the pabr yeaYs bi#. The second installment is based on the current
The second insta/Iment date for /evy,~ear1994 tsxes was Novsmber ? 19195, wh~cn was u y
~ats-priorto 1995, thelatestsecendinstallmentdatewasOctaber1, 98.
1994 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION
1990
AND
Villaae of Glenview
Taxable Valuation Percent of Total
1990 1994 1990 1994
ResidentJa~ ......................... $482,148,112 $636,555,760 68.7% 68.3%
Commercial*. ....................... 157,089,693 203,658,741 22.4%
Industrial ........................... 62,078,193 91,177,716 8.9% 9.8%
Railroad ........................... 23,334 115,075 NIL NIL
Farm ............................. 10.813 41,7~ NIL, NIL
Total ......................... $701,350,145 $931,548,998 100.00% 109.m/o
Percent Increase 1990-1994 ............................ +32.8%
* The commercial classiticetion includes apartment buildings with over six units and any apailment/retail mixed use
buildings.
TEN LARGEST TAXPAYERS
Eq~ Percent
Rank Taxoever Properties Valuationfl) Villaoe [2)
1.. Kraft GeneraJ Foods ............. Corporete Hsadqumtem/Research Campus... $ 31,716,694 3.4%
2.. Zenith ..................... Corporate Headquarters-Electronics ....... 16,471,254 1.8%
Corporate Headquarters ............... 14,960,263 1.6%
3.. Signode Corporaflen, Div. of ITW...
4. Harper C~lins Educ ............ Co~3orate Headquarters-Book Publisher(3) ... 9,158~67 1.~/o
5. RREEF MIDAMERICA ......... Ptsza Del PradoShopping Center ......... 7,008~98 .8%
6.. Glenview Hospitali~ ........... Doubletree Hotel ..................... 5,646,895 .6%
7.. Avon Products Inc .............. Cosmetics - Shipping Facility ............. 4,838,880 .5%
8.. Glencova .................... Apartments ......................... 4,760,130
9.. Baxter Management Corp .......... Apartments ......................... 4,102.,466 ,4%
Wm. Seawall ................. Office Buidling ....................... 3.880.012 ,~%
10
Total Ten Largest Taxpayers ...................................... $102,563,159 11 .(7'/°
Notes: 1. Valua~ns as of Janua~y l, 1994 ~f~.1.~.~. 'ng purp°sas' 2. Tota~ 1~J4 trg!age vaJua~ of $931, , .
3 Co/~x~ratsheadquartsrsofScot~ ~andC. on~eny.
157
GENERAL FUND
Summary Statement of Revenues, Expenditures and Changes in Fund Balance
(Fiscal Years Ending December 311
AuditedINote I ~
1 ~5 1996
Revenues/Transfers: 1~91 1992 1993 1994 Budaet(21 Actual Budaet(21
PropertyTaxes(3) .................. $ 2,500
Property Taxes.Fire Protection District(12). ~ $ 3,451,772 $ 3,630,119 $ 3,748,378 $ 3~549,810 $ 3,585,385 $ 3,550,030
- - 858,383 1,119,035 1,781,710 1,972,583 1243,933 1,708,~'6
Sales Taxes ...................... 3,358,151 3,608,071 4,188,116 4,438,932 4,400,000 4,843,071 5,000,000
Utility Tax ....................... 2,687,159 2,744,525 2,876,149 2~512,867 3.260,100 2.935,686 3,205,000
State Inccrne Tax .................. 1,605,474 1,651,925 1,966,124 2,157,707 2,3~0,~00 2266,279 2, 6E0, 000
Stats income Tax Surcharge .......... 792,451 513,517 596,601 161,140 - 0 - - 0 - - 0 -
Franchise Taxes .................. 218,421 237~5~ 250,8(~6 263,597 289,000 355268 293,000
Hotel Room Tax(4) ................ 503,775 497,567 531,405 589,206 600,000 618,684 600,000
Motor Vehicle Ucer~ses ............. 427,249 443,602 437,943 434,946 440,000 403,655 478,500
Building Permits .................. 216,555 257,124 354,024 343,655 331,200 294,469 357,,5~0
Other Licenses and Permits .......... 295,914 2~3,917 250,641 276,125 269,750 260~534 343,300
Charges For Services .............. 691,365 635,949 798,448 718,494 8~6,835 722,4~8 603,500
Fines and Fodeits .................. 222,904 343,S25 Z56,408 226,415 2~0,000 207,433 250,000
Interest ......................... 270,930 154277 155,002 105,601 197,700 174,561 172,000
Trans/ers-ln:
Escrow Deposit(5) ................ 305,410 163,504 124,735 142,414 144,000 249,522 135,000
Other ......................... 60,000 858,478 - 0 - - 0 - - 0 - - 0 - 715,000
AJ] Otfler Revenues ................. 282.051 ~ 329.65~ .5.35.551 423.420 468.835 ~3.882
ToteJ Revenues/Transfers ......... $14,438~12 $16.913.453 $17,865,189 $18,436,738 $19.274,398 $18,629,733 $20,076,012
Expenditures/Transfers:
General Government ................ $ 2,961,689 $ 2,968,999 $ 3,088,4~3 $ 3,725,026 $ 3,782,736 $ 3,808,518 $ 4,110,556
Public Safety ..................... 6,516,962 8,463,915(tl) 9,323,267 9,641,425 10,E'~,509 10~98,562 11,364,784
Highways and Streets 2.951.178 3.118.970 3296.632 3.348.927 3694.998 3.573.406 3762.007
Subtotal Expenditures .............. $12,429,827 $14,551,884 $15,7{3~,362 $16,715,378 $18,055~43 $17,680,486 $19~37,347
Transfers-Out:
CapitarEquiprnentReplacement(6) ..... $ 567,254 $ 621,257 $ 710,198 $ 678,927 $ 773,593 $ 765,685 $ 546,850
Capital Projects .................. 652,000 671,0~0 551,890 878,000 351,000 1,098,000 324,850
Other ......................... 43.345 45.065 66.621 140.304 73.044 73.044 - 0 -
Total E)~penditures/Transfers ....... $13,692,426 $15,889,206 $17,037,071 $18,412,609 $19~52,880 $19,617,215 $20,109,647
Revenue Over (Under) Ex,end,lures:
Before Capital/Transfers .......... $ 2,008,685 $ 2,316,504 $ 2,090,206 $ 1,581,056 $ 1~19,155 $ 949,247 $ 838,665
AfferCapitaJ/Transfers ............... $ 746,086 $1,024,247 $ 828,118 $ 24,129 $ 21,518 $ (987,482) $ (33,635)
Adjustments to Fund Balance ............ $ (39,935) $ 8,799 $ - 0 - $ - 0 - $ (97,7491
Fund Balance at December 31 (7) .......... $ 6,394,165 $ 7,427,211 $ 8~55,329 $ 8279,458 $ 7,194,227
Balance Sheet at December
31
Assets: 1991 1992 1993 1994 1995
Cesh and Inves~nenta(8) ............. $ 4,~41,828 $ 5,376,561 $ 5,470,725 $ 4,948,807 $ 4,064,532
Receivables:
sP ~e:eT~a Taxes .................. 3,418,768 3,.576,692 3,838,669 3,744,904 3,755,037
es ax ..................... 541,938 559,886 771,866 754,002 762,111
UUlity Tax ..................... 279,808 301,549 229,4S5 289,790 313,976
Other Receivables ............... 208,155 203,2~4 243,400 868,812 439,300
Due From Other Funds .............. 1,104,530 1,308,315 1,681,131 1,555,178 2.869,707
All Other Assets ................... 735.356 730.356 730.356 735.756 730.356
TotalAssets .................. $10,330~383 $12,056,643 $12,965,642 $12,897,249 $12..935,019
Liabilities and Fund Balance:
AccountsPayab~e .................. $ 46,379 $ 106,566 $ 87,908 $ 63,490 $ 116,910
Compensated Absences Payable ........ 322,{151 488,695 475,581 440,101 6~3,186
Due To Other Funds ................ 113,806 425,413 275,412 449,066 1,137,082
Deferred Revenues ................. 3,418,768 3,576,6~2 3,829283 3,735,626 3,755,037
All Other Liabilities ................. 35,214 32,066 42,129 27,257 71,577
Fund Balance:
Reserved(9) .................... $ 735,356 $ 73~,356 $ 730,356 $ 735,756 $ 730,356
Designated for Sumharge Receipts(lO).. 1,652,783 2,166,107 2,662,708 ;~.???,048 1,472,048
Undes~gnatsd ................... 4.006.026 4.53~.748 4.862.265 5.~.905 4.991.823
Total FundP.~ence ............. $ 6.394.165 $ 7.427211 ~ $ 8.181.709 $7.1~.~7(121
Tota~ Liabili'~es & Fund BaJance ..... $10,330,383 $12,056,643 $12,965,642 $12,897,249 $12.935,019
Notes: 1. From 1991 and 1992 audits by Wolf& Company, Certified Public Accauntants, Oat(Brook, Illinois, and 1993-1995 audits by Crowe, Chizek
and Company, C, er~fled Pubic Accountants, Oak Brook, Illinois-See Note 1 to "Combined Statement-Ali Funds'.
.. . a crag. them. ~u~)sequent to budget heanngs, the budget ~s legally enacted through passage of an ordinance. The Vii/age
Manager rs authon~.ed to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total
e~q~endituras of .any fund must be approved by the Beard of Tn~stees. Budgets are adopted on a basis consistent with generally accepted
acceding p~olples.
3 F,.rc~__ 1_9_7_9 ~. 19.8~ the V..ii. la~.e'.s, policy with regard to General ~undproperq/taxes was to levy a constont dollar amount of approximately
eu~u, uuu. ue. glnmng with ~6, the Villag~ changed th~s policy to one of a constant tax rate to ensure equal participaJ~)n in the cost of
~ovetltrr~nt ot new c~nsb~c~on and annexa~or~
4. Effectiva May 6, 19~., the Village ~ted a 5% hotet mom tax. T~e Village has flve operaEng hotsls w~h 856 roon3s.
~ ~f~ ~re required to depostt ~ the Village ~ amount e. qual to the cost of ellimprovements being built and dedicated to the V'81age
E~ The Ca,,p~tal E~uipme~t Re~..~.cemant (CERF) was by omlinance in 1979 ~he stated
pu..mose
of
evening
out
the
e~q~enc~a,~re$ ~or major capna~ expane~tures. All of ff~e Village s un*road and off-mad equ~pmant, fire, public works, etc., is included. Each
158
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Department is charged with the equivalent of a depredation charge which is remitted in cash to the Capital Equipment Replacement Fund ·
(carded in the Capital projects Fund). As of December 31, I995, the cash balance of the Capital Equipment Replacement Fund totaled
$5,501,247.
Z ForthefiscalyearendedDeoamber31, 1982~theVi~~agecha~geditspropertytaxrevenuerec~gniti~nt~c~nformt~theprovisi~ns~f
Intarpreta~on 83 issued by the NaSonal C~uncil on Govemmenta AccounSng under which property tax revenues are recognized to the extentwith
·
of taxes due and collected within the current year, The current net tax levy receivable is recognized in the ba ance sheet along a ·
correspo~din amount of deferred revenue ....
E~ Whan the ~ge changed its p~icy regarding the ~eve ~f propar~y taxes f~r the Genera~ Fund (N~te 3)~ ~t a~s~ determfned t~ mcrease the
cash resen/e balance to 90 days of wchdng cash, which, given the 1995 actual expenditures of non capital expenditures totals approximately
disaster, or other fiscal difficulties. The General Fued Cash Balance nas nsen rrom e ~,J//,~.~ ~, ~uu~,.,u~
December 31, 1995 which represented a cash reserve, bal~ce..of ~4 ~. _~_.L ........... ' °~'~ Fund~ was transferred to the General
Fund-for the ouroose of l~aving a shod-term note for the purchase of property for redeve~opmen[ p~rposes. ~n
~l~v'~s'~;~ i'n 'L'a-n~ ~'e-I~'~o~-R-e~[e ". Other reservations of fund balance included $ I, 724 for prepaid,it, em. s, .and $27, 1. ~ 4~O t~o~r~n~co_m.~e_t_~..~
surcharge allocation. The Dacembar 31, 1995 Reserved tolal of $730,356 thcludes $725,000 for lano ne~o ror resa~e an~ ea, oao P~'u
·
items. . '
1~ These funds are available for any purpose-the 'Designated' reference ~s to the source of revenues that were detarrr~ned by the Village Board
F otec i was marged F re epartroant ,,, o, that data, the
conli'nues to I~vy properiy taxes on that part ~f ~ts tax base out. de ~ba Village limits and remits those tax receipts
the unineotporeted area that now raprasenis ~is tax base.
12~ The Ganeret Fund "Fund Balance' at Decemdar 31, 1995 of $7, f 53,705 was apual to 37.2% ol the $19,237,647 Budgeted1996 Ganeral Fund
expenditures excluding transfers lot capital pucose$.
COMBINED STATEMENT--ALL FUNDS(Note 1) I
Fund Balances 1991-1994 and Summary 1995 Revenues, Excess Revenues and Fund Balance
(Audited Fiscal Years Ending December 31)
Property Over Fund
Governmental Fund Typ~: 1991 19~2 1~J3 1994 T~x Total j~nditures
General Fund ................ $ 6,394,165 $ 7,427,211 $ 8,255,329 $ 8,279,458 $ 3,585,385 $ 18,629,733 $(1,085,231)(g)$ 7,194¢~7
8peciaJ Revenue Funds: 0
Library ................... $ 849,892 $ 915,247 $ - 0 -(g) $ - 0 - $ - 0 - $ - 0 - $ - O- $ -
Federal Revenue Sharing ....... 8,581 - 0 - - 0 - - 0 - - 0 - - 0 - - 0
IMRF .................... (920,480) (1,165,972) (1,360,726)(14)(1,311,091) 1,099,229 2,449,020 242.,966 (1,068,125)
Motor FuelTax ............. 346,431 944,542 1,139,194 788,232 - 0 - 1,318,6&3 24,853 813,085
CedJeTV ........ 93,136 80,054 67,.552 61,772 - 0 - 52,966 (7,312) 54,480
......... - 0 - 760,304 126,379 54,.523
Refuse and Recycling ......... (95,715) (94,817) {85,218) (71,856)
911 Communications 47,191 8,534 70,338 74,768 - 0 - 299,096 31,581 106~99
GNASGrant(2) ............. - 0 - - 0 - 46 26,424 - 0 - 578,904 (128,684) (10.2,~40)
GNA$ Caretaker ............ - g - - g - - O - . g. . g. 343.815 - g - ' '
TotalSpecialRevenee ....... $ 829,088 $ 682,588 $ (168,814) $ (431,751) $ 1,099,229 $ 5,602,758 $ 289,753 $ (141,998)
Debt$erviceFunda ............ 3,918,745 922,565(10) 1,263~06 1,490,110 1,230,946 13,764,973(14) 8,453,950(18) 9,944,080
Funds ........... ~,~6.665 7.810.851 15.606.972(11) t4.627.948 . g - 57.541.589(15)48.441.681 6:3.069.629
Capital
TotaIPmjectGovernmental Funds .... $20,028,663 $16,842,715 $24,958,793 $23,965,765 $ 5,915,560 $ 95,739,053 $56,100,153 $ 80,065~18
Pto_p!'letary Fund Typ~(3):,
i:meq~rise Funds: $11,676,121
Wate~orks(4) ............. $ 8,993,5~9 $ 9,446,915 $ 9,561,969 $10,3~5,827 $ - 0 - $ 6,0~3,330 $1,280~94
Sewerage(4) ............... 2,877,448 2,618,416 2,645,544 2,838,480 - 0 - 840,415 220,6E8 3,054,108
Wl~uiesaleWater(4). - 0 - - 0 - 189~21 507,789 - 0 - 1~83,667 115,627 623,416
Commuter Parking Lot ........ ~13.920 ~46.030 ~8~537 ~ . ~. 103.199 (26.918'~
Total EntarpriseFunda ....... $11,88~,907 $12,411,861 $12,705,~71 $13,988,590 $ - 0 * $ 8,:312,611 $1,589,681 $15,578~21
Internal 8er~ce Funds: 188,214 $ 89,080 $ 184,076 $ 88,723 $ - 0 - $ 689,861 $ (459) $ 88,264
Municipal Equipment Repair(5)... $ ~12~.7cJ 1.588..5,36 2.070.657 2.~18.494 . g . 2.641.085 f~62.251~(16).~.~...4~
Total Internal Service Funds.., ~ 1.030.793 ~; 1.6-/7.616 ~ $ 2.407217 . g . ~ ~; i862.710) $ 2.04.4~07
Total proprietary Funda ...... $12,.920,700 $14,0~8.977 $14,960,104 $16,895,807 $ - 0 - $11,593,507 $ 1~26,921 $ 17,6~2,728
Fiduciary Fund Typ~l:
Escrow Deposit(6) ............. $ -0- $ -0- $ -0- $ - 0 - $ .0 - $ 249,522 $ -
D ' ' ................ i' ' ~6,:371 ~7,821 ~9,096 19,9~1 - 0 - 5,815 976 20,897
~epa~ment $pedalAccolm . 13,669 7,071 8~05 21,914 - 0 - 8,944 (5,885) 16,C~9
Police Penalon ................ 11,693~3a8 12,603,771 13,625250 14~23,582 364,402 1~45,232 1~54,916 16,078,498
Firelighters' Pension ............ 10.532.848 20.918.004(12)_~ 27.43~.875 _~ 3,497.954 2.382.772(17)._~
Total Rduda~ Funds ....... $22256,196 $33,546,667 $39,198,485 $42296292 $ 591,145 $ 5,607,267 $ 3,632,779 $ 45,929,071
Component U,ntt: ~ 1~s23.801
I.~raryFund(9) ............... $ - 0 ~ ~ - O - ~ 982.679 ~; 1.125.420 ~ 2966.376 ~ i; 198.381
TotaJAllFunds(MemoOnly)... $55,2~5~.~ $64,4'/8~9 $80,100,061 $83,78~284 $ 9,473,081 $116,190,219 $61,158~34 $144,941~18
I
Cash and Investments at Desember 31: 1991 1992 1993 1994 1995
General Fund ................ $ 4,041,828 $ 5,376,561 $ 5,470,725 $ 4,948,807 $ 4,064,532
i Specie] Revenue Funds ......... 1,423,338 1,937,132 1,306,321 1,095,963 1,507,264
Debt Service Funds ............ 3,856,123(13) 223,309 31,271 753,164 11,527,572
Capital Project Funds:
Capital Equiprr~nt. Replacement . 2,794,309 3,619,591 4,262,199 5,172,615 5,501,247
GNAS Project .............. - 0 - - 0 - - 0 - - 0 - 49,404,077
i AIl Other Capital Projects ...... 7,217.269 6,751,814 13,285,863 11,420,648 6,970,704
Proprieta~ Funds ............. 1,945,473 2,822,126 3,613,334 3,113,842 3,466,959
Fiduciary Funds(7) ............ 26,55.2,~. 36,921,378 43,738,337 46,063,661 49,647,671
Component Unit - Library Fund(9) .. - 0 - 1.006.973 1,149.027 1.343.953
Total Cash and [nves~lents(19) $47,830,942 $57,651,911 $72,715,Q23 $73,717,457 $I33,433,979
I Notes: 1. Fra~ 1991 ~d 1992 audits by Wolf & Company, Cer~fled Public Accountants, Oak
Brook,
Illinois,
and
1
993-
1
995
audits
by
Crowe,
Chizek
and
Company,
Certified Pu~l!c A..ccou_~tants, Oak B .r~.. k, I. ll..!n, ols. The aco~un~hg policies ~f the Village conform to ganerelly accepted accounting p/inciples as applicable to
eg~n~i~.nlmTe~al uqlrs. I. na accounts bt the yl[laga are organ,zed on the bas,s of funds and account groups, each of which is considered a separate accoun~ng
[ ry. i ne various tunds are grouped ~nto the three broad catego/ies of Govemmantal Funds, Fiduciary Funds and Prop/ietary Funds. Within the
Governmental Funds ate the General Fund (the general operation fund) which is used to account for all financial resources except those required to be
I accounted for in another fund; Special Revenue Funds which are used to account for the preaeeds of spedfic that
revenue
tega/ly
to
e,?endifures for specified purposes; Debt Service Funds; and Capita/Project Funds All gavemrnenta] funds and expendable t~ust funds are accounted for
using a current flnanc~,l resources measurement feaus which bas only current assets and current llabiflties on the balance sheet and operating statements
present focraasea and decreases in net current assets. All prop/ietary funds and pension trust funds are accounted for on a flow of economic resources
i measurement focus with all assets and liabilities associated with the operation of these funds included on the balance shee~ and fund equity segregated into
c~ntdbuted capita~ and retained eamthgs--~perating statements presen~ increases and decreases th nat t~ta~ assets The mod fled acctual basis of
accounting is followed for all Governmental Fund Types and Expendable Trust Funds (in the Fiduciary Funds category). All remaining Fiduciary Funds
(Pension Trust Funds) and Prop/ietaq/ Funds are accounted for using the accrual basis of accounting. For the fiscaTyear ended December 31, 1982, the
Village changed its property tax recognition to conform to the provisions of Interpretation #3 issued by the National .C_o,u, ncll on Governmental Accoun~g
u.,nde, r...whi_~,~ proper~y tax revenues ~ra recognized fo ~h~ extent of taxes due and colleated within the current year. The Report of Independ, e_nt Au, ditors' in
I rne village s ganere~ purpose financial statements for its fiscal year ended December 31, 1995 included the following language (comparable 'clean opinions
were included in ~he Village's 1981-1~94 audits shown in this table):
'in cur opinion, the general purpose financial statements referred to above present faidy, in all matedal respects, the financial pcai¢bn of
the Village of Glenuew, Illinois, as of December 31, 1995, and the results of its operations and the cash flows of its proprietary fund O'Pea
for the year then ended in conformity ~ generally accepted accounting pdnciptes. Also, in our opinion, the combthing, thdit4dual fund,
I and account group financial statements referred to above present fai/iy, in a ma e/ia/respects, the financiaiposition of each of the
individual funds and account groups of the Village of Glenview, Illinois, as of December 31, 1995, and the results of oparellons of such
funds and the cash flows of individual prop/ietary funds for the year then ended, and the financial poalfion of the General Fund as of
De,ember 31, .1995 and the results of i~s operations for the year then ended, in conform/O/with generally accepted accounti~cl l~/inciptes. ·
2. TheGten~ewNava~AirStetlonFundwascreatedfoaccountlortheres~urcesandexpendifurasincurredinthesearchf~rfufurau~fth~Nava~AirBasa
I land wh~h was vacated by the Navy on September 9, 1995.
3revenues-raTheam~untssh~wnasfundba~ancesf~rtheProp/ietaq~Fundsareretaloedeamthgs(exciudescontdbutedcaresent``` -- pitel~) andtheamountsshownas'excess
p ,,,ecnangethratethedeamthgs. "i'otalrevenues'repreaentopere~ngrevenoes.
4. Prior to fiscal year 1993, the Village maintained two Waterworks Funds to provide accounting forthe eastern portion of the Village (Waterworks East) and
the wastem portion and the applicable unincorporated area adjacent to the weatem border of the Village (Waterworks West) that is served by the water
I system(ratalnedearningsatDecember31, 1992were$3,909,087forWaterworksEastand$5,537,828forWater~vorksWest). Thetwoaccounfl~gfunds
were set up in 1977 when the two p/ivate water companies se~fng the applicable western portion and unincorporated areas were, at the request of the
residents, acquired by the Village for the puqsase of up-grsdthg the water quality in that area by replacing wall water supply with Lake Michigan water supply
that had been available th east Glenview since 1937. It was determined that the cost of amortizing the debt applicable to the acquisition of the two p/irate
water companies and constructing the necessary transmission main, storage and west system up-grading would be paid for by the customers of the west
I system. Theuse~fdi~edngretescontinueduntll1992whenauol~edretsstructur~wasputinplacaandtheuse~famialmumchargaf~rwaterusagewas
eliminated. The two funds were combined in fiscal year 1993 and, for compadson purposes, the two funds are combined in this table for pdor years. A
sel~arate Sewerage Fund was created in fiscal year 1986 to account for the funds nsceseary to provide sanitary sewer service to both the incorporated and
unincorporated areas served by the Village. Prior to ~988, these funds were accounted for in the two Waterworks Funds. The Wholesale Water Fund
accounts.f?r the sa~e of water to Citizens Utility Company for its sert4ce area outside the Village of Gtenv~ew.
I ..~ TheMunic~pa~EquipmentRepairFundisusedfoacc~unt~rtheeasts~frapa~/ingandmaint~ingal~Vi~agevehic~es~
~ TheEscrowDep~altFundisusedfoaccountf~rmonies~ndep~altwiththeViiiage--thec~st~fpub~loirnpr~vementst~bededicatedtotheVifiagamustbe
escrowed with t~e .Villag~ and as payments are required for satisfactory wad( completed, monies are released to contractors. Interest eamed on the
escrowed deposits ts r. etalnsd b~v the Village ~ annually transferred to the General Fund.
Z ~S aeaels hold/n.ihe Dpferrad ..Com/:~ensafion P~3n Fund (Agency Fund).
8. ndudea$97,749negabvaadiustmenttopnsryeaYsfondbalance.
I 9. 7 I r r1g93 th .b Fundtsp ontedthth ` I a .aca w"on unitoftheViitege -" " ubraryp e eathe raoledsti
_. ega~y~ep~a~ra~egavemrnsn~separa~alyaleat~7-member ~board~ wh~annual~yd~errnthesitsbudgetandtaxtevy)~
10. ~__n_o_r~p.e_~, a.,~sth?_nt.. ~.ecre~se of $3.,. 15 ~,~5 which wo~ld result in an a~justed December 31, 1991 ,bala/tce of $767,170. The adjustment was to correct
recoP~ng o[ ~enea ~ u.~ ~ ~ona proceaes wta~ should have been recorded m 'Waterwozks-Weat Fund.
I 11. Includes proceeds fr~-n th? Vd/aga's .sale ~f ~7, 635,000 General Obligation Bonds, Sedes 1993 (dated May 1, 1993).
1~ Up~n ~he merger of tha Firee Prolecti~n D~thct ~parell~ns int~ the Gtenview Fire Depar~nant~ the Village assumed penalon p~an resp~nsibi/itiea f~r the new
fire~ghtels and recalvad the assets of the DistficYs pension p~an which totaled $8,847,410.
13. thcluded funds for January l, 1993 payreants.
14. I/',cludes$10,750,~OOfmmBondAnticipatieaBondprocaedslorcapi~aJizedthterast.
I 15. Incfudes$49,450,750f~omBondAntidl~f~nBondproceeds.
16. Includes$575,838negatl~,eadjustmentofpdoryearfundbaiance.
17. Iolcudes$509,334nega~vaad~tmentofp~oryearfundbatenca.
18. Inoludea$2__,46_ ~114nega#vaad~cabl~entofpesrysarfundbaleace.
19. The Village s Cash Control and Investment Policy was odgloally adopted on February 21, 1983 and was revised on March 15, 1985 and again on January
16, 1958.
!
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FIXED ASSETS AT DECEMBER 31, 1995
General Fixed Proprietary Fund I
Assets/It ~i.~(ed Assets f2}
...... $ 3,9(6,095 $ 67,851
Land and Improvements .................. - 0 - 203,309
Le~shold Improvements ........................ 13,445,095 243,645
Buildings and Improvements ..................... 21,185,317 I
Water and Sewer Sys~ms ...................... - 0 -
Equipment .......................... 8~31,612 5,788,680
....... 573,484 - 0 -
Furniture .................................. 328.841 5.457
Office Equipment/Other .........................
Less: Accumulated Depredation .................. - 0 - t7.987.387~
Total .............................. $25,484,127 $19,506,872
count Grou rather than zn governmental funds. All fixeu ,~ .............. . ' -- I
AC ..... ?_P~r_a_, ~o ~, ~tual is not known C, ontdbuted fixed asse~s are recorded at the~r fa~r rnarKet
on the date donated. Public domain (infrast[ucturo) fixed assets including roads, bddges, curbs
~val~uen,~rs s~eets and sidewalks, drafllage systems an(l lightin~ sy. ste, ms ~ave not _b~, ~n._~ca~.it~a~l~,~d~, tNhO~
~p~e~'~n is recorded on General Fixed Assets. This table ~ncluoes me genera~ .x~u ~ ......
view Public Library * I
Glen ..... 'A~__.:_o_.. ~,,-ds are valued at historical cos or est mated h~stoncal cost,
is pro~4ded over the esllmated useful lives using the straight line method.
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